So what exactly is client maintenance and updating? It involves an agreement between attorney and client that they will meet at least once every two years (bi-annually) to review all aspects of the estate or elder law plan. This meeting should include (1) a review of all documents (wills, trusts), including powers of attorney and advance medical directives, to determine whether any changes or adjustments should made, (2) a review of all addresses, telephone numbers, and email addresses to make sure client and fiduciary contact information is accurate, (3) a review of all client and family health issues, (4) a review of all financial information, including newly acquired assets and assets no longer owned, (5) a review of all plan funding and asset alignment issues, including all re-titling, beneficiary designations, and assignments, (6) inclusion of the client’s financial advisor and CPA in the discussion as necessary, (7) a review of client’s goals and any new or special concerns of the client that may have developed since the last review and update, (8) inclusion of children or others in the discussion for their educational or other purposes, (9) a review of recent changes in state and federal law, (10) preparing client to attend next firm client education event and scheduling next maintenance and updating meeting, (11) review of any new organizational or other planning tools available to the client through the law firm or outside vendors, and more.
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