Two months ago, our firm had a very important review meeting with a long-time high-profile client. Confidentiality is very important to us, so we asked this client if it was okay to share the details of this review meeting with our blog post readers since it may be an educational example for our audience who need to update their plan. Our jolly clients happily agreed.
Mr. and Mrs. Nicholas Claus, despite their immortality, came in to set up their estate plan upon recommendation from the Easter Bunny years ago. Since then, we have been doing annual review meetings before the big night to make sure everything is up to date. Their family dynamic, estate and plan, and circumstances are a bit unusual, but nothing we couldn’t do.
After the Clauses filled out the Decision Vault form and our team reviewed it, they came in for their review meeting. Most of their assets consist of toys and candy, a factory, a sleigh, and a home at the North Pole which was titled to Mr. Claus. We noticed there have been some additions to their assets including a new teddy bear-building machine, a sled shop, and a hot cocoa maker. These new assets were aligned with the estate plan during his visit.
When reviewing their plan, our office made sure that there were still no children involved. Instead, multiple elves and reindeer are listed as the beneficiaries of their plan. The executor of their plan is a gentleman who legally goes by “Rudolph.” We were able to get them all in-office a couple of weeks later for a Family Care Meeting to inform the reindeer and elves of all the updates to the plan.
After signing their documents, the Clauses and the rest of the North Pole gathered their Estate Planning documents and flew away on the magical sleigh back to the North Pole. Santa was thrilled to be able to prepare for Christmas Eve with peace of mind due to the updated plan.
Mr. and Mrs. Clause recommend that everyone gets their plan updated annually. One of the greatest gifts you can give your loved ones is a completed estate plan to ensure that you can care for them even if you are not there.
Our Team at FEPLG wishes you and yours a very Merry Christmas and Happy Holidays.
Call our office to do your annual estate plan update this winter. We hope everyone has a happy holiday season!