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It is not uncommon for people to meet with an attorney to draft an estate plan and, once it is complete, never look at it again. Circumstances can change, though, and an estate plan that was appropriate when it was developed over time may no longer be suitable to meet a person’s wishes. As such, it is smart for people to contemplate assessing and revising their estate plans. While it may not be necessary to update the planning documents on a yearly basis, it is important each year to review your family situation to determine if it makes sense to update your estate plan.
As a general rule, you should meet with an attorney to discuss your estate plan anytime a major life event occurs. For example, if you get married or have a child, you may want to update your existing Will or Trust to ensure that they receive a portion of your estate in the event of your death. Similarly, if you get divorced, you may want to remove your former spouse from your plan. Likewise, the death of a beneficiary can render portions of your Will or Trust moot and will likely require an update. If you have recently retired or experienced a significant change in income or wealth, you might need to reevaluate your plan to ensure that it reflects your current status and adequately provides for your loved ones.
In addition to changing who benefits from your Will, notable events may require you to adjust who is named as the Executor of your estate as well. Significant life changes may also necessitate a modification of who is named as a trustee or beneficiary of any trusts you have established. Each year it is important to determine if the person(s) named are still the best choice for the role they are named.
Also, as you age and your health care needs evolve, you should meet with an attorney to discuss whether your health care proxy is still appropriate to provide for your healthcare decisions. Your health care proxy will make decisions regarding your care in the event you become incapacitated.
Absent any monumental life changes, you should meet with an attorney every two to three years to go over your estate plan. While you may not think that any noteworthy changes have occurred, our attorneys will be better equipped to assess your circumstances and determine if modifications to your estate plan are necessary. Additionally, even if your personal status remains unchanged, updates in tax, Medicaid, asset protection or other related laws may trigger the need for alterations to your estate plan to protect your assets and ensure that your wishes are upheld.
Speak to Roth Elder Law, PLLC Today
Keeping your estate planning updated is an important part of protecting yourself and your family. The value of an estate planning attorney is the guidance and education presented while creating the plan. As experienced counseling-based estate planning attorneys, Roth Elder Law, PLLC is happy to review your current estate plan to makes sure it continues to meet your unique needs and the needs of your family.
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