Katherine Wensink, a lawyer with the estate planning group at McDonald Hopkins, said that while estate plans are more streamlined these days, there's still a need to revisit them at regular intervals.
"You have this set of individuals, they could be boomers or whoever, who have spent their whole life focused on building a business or taking care of their family," she said. "It's not that they don't have (an estate plan) or that it's not a good fit. It's more like they set it and forget it."
Another difficulty is that those in the boomer generation may have to worry about their own estate plans while simultaneously arranging a nursing home or long-term care for their parents. Some boomers may even still be supporting children in college.
"We call them the sandwich generation," Wensink said.To read the entire article, visit the Crain's Cleveland Business website.