Circumstances change - be ready!

I had my right knee replaced a couple of weeks ago, the fourth surgery on this knee.  The last time I had surgery this serious (ACL replacement, same knee) was 38 years ago, when I was 22 years old.  I'm a pretty fit guy, and I did the pre-surgery physical therapy exercises, so I figured I'd wake up, start the PT and be back at work in no time.  Not so much. To my surprise and chagrin, my body at 60 years old doesn't respond nearly as quickly as it did when I was in my twenties.  As Mike the PT guy said when I complained that I wasn't progressing as fast as I thought I should, "He basically cut your leg off and then put it back on.  Give yourself a break."
Patience not being my strong suit, I'm having to constantly remind myself that my approach has to be different than it was when I was younger. 

Which brings me to the topic of today's blog: circumstances change, and we need to be willing to examine the arrangements - wills, powers of attorney, investments - we made last year, or last century, and see if they still address our current lives.  The end of a year seems a good time to take stock of things, so here are some questions to get you started:

• Did I have kids when I did my will?  Do I have them now?  If I had them then, are they old enough now that I don't need to provide for them the same way?  If I didn't have them and now do, who should I designate as guardians, trustees, etc. in case I die before they're adults?
• Is the person I chose as my power of attorney holder (or alternate) back then still in my life in a significant way, or still alive at all?  We often choose our parents as POAs, but the older we get, the older they get, and maybe it's not fair anymore to place that burden on them.  If I chose a friend and that person has moved away, or we don't have the same relationship as we did back then, maybe I need to choose someone else.
• Have my financial circumstances changed (for better or for worse)?  Maybe that simple will was perfect for when I was just out of school or newly married, or in the military - when life was simpler - but now I have a house, some investments, etc., and my simple arrangements won't adequately provide for my family.  Speaking of investments, are mine still proportioned the best way?  Is it time to change from aggressive growth to a mix of growth and income investments?
• If I'm a business owner, have I kept up with annual meeting minutes and the other paperwork we tend to forget about in the midst of trying to build a business?  In fact, have I even looked at all those documents I signed to start the business?  Maybe simple was better when I first started out, but now there are more employees, more assets, more complicated business relationships, etc., and my business isn't as protected as it should be.

The above are just some ideas to get you started.  Changes in circumstances can sneak up on you, so do the exercise.  Even if you don't need to make any changes, it's good to remind yourself of what you have in place.  And if you don't have anything in place - hey, we recently prepared estate planning documents for a client who's nearly 90 years old and had never done a will before!  It's not too late till it's too late. 

Now pardon me while I do some more PT.