This was birthday week at our house. Both Rachael and I had birthdays! On my birthday, I took time to meet with a lawyer about estate planning. No question in my mind that is one way to feel older!

Estate planning is a bit grim – especially on a day when you note the years flying by. I probably would not recommend this as a birthday activity to others. However, two months ago when I made the appointment, I knew I would remember the date.

It was 2007 when we first did any estate planning. At that time, we had been married six years, had one child, and owned a few acres. My how things have changed! We now have five children (one of which will technically be an adult in May). Friendships have changed. Those we will depend on has changed.

The business side – the farm transition – also looks a lot different. We own a few more acres. Laws, taxes and exemptions have changed.

Five years on the to-do list

We have tried (unsuccessfully) to make some changes and updates over the last five years. Somehow this is one of the things that was buried in the inbox. We finally decided it was time to get fresh eyes on our plans. Scheduling an in-person appointment made that happen.

The last few weeks, I gathered previous trust, will, LLC, and power of attorney documents. I rounded up information on land we own. I dug out the life insurance, investment, and other financial paperwork. I provided copies of all to the lawyer.

During the meeting the lawyer probed regarding how the operation is currently structured. She also took down information about the kids and got an overview of the family tree. We talked through some basics.

I told her I would prefer to simplify and streamline the operations. I think it was a good start. The next step is for the lawyer to review the documents and communicate with the accountant.

After that, she is going to send me a summary of how things are currently set up, ask more questions if needed, and recommend changes. From there, we will delve into the who, what, when and where.

We put money on the table

This time around, I have a high level of confidence we will get the estate plans cleaned up and refreshed. (It’s called a retainer.)