When To Update Your Estate Plan
With all the events that happened in 2020, thoughts of your estate plan may not have entered your mind. The good news is that if you have one, you are at least in a better position than most people whether you thought about it or not. However, now is a good time to bring it to the forefront of your mind and think about your estate plan as we move into 2021. It’s time to consider events that might have occurred in your life in the past year or previous years that would affect your plan and that would require updating it.
Among events that would necessitate updating your estate plan are births, deaths, marriages, divorces, and moving to a new state. These are just the basics. You also might want to change your durable power of attorney or assign a healthcare power of attorney.
If you don’t review and revise your plan when you have had a life change – or a change of heart for some reason – your estate could end up in the hands of someone that it is no longer intended for. You don’t need a reason to review your estate plan. It’s a good idea to review regularly. You may be prompted to change things even though no major life events have occurred.
No matter what your reason is for revisiting your estate plan, your estate planning attorney will ensure that it is valid and that the changes you are making are compliant with all local laws. The last thing you want is for someone to not get what you wanted them to have simply because you did not discuss changes with your attorney. If you would like to establish an Estate & Asset Protection Plan or schedule a review of your current plan, give us a call.
The start of a New Year is as good a time as any to establish a regular review of your will, trusts, and estate and asset protection plans. If you would like to establish an Estate & Asset Protection Plan or schedule a review of your current plan, give us a call.