Is it time for a plan update?
Estate planning is not a one and done experience, rather an on going process.
While your will may say that it is your "last will and testament," it may be better to think of it as the latest and greatest version.
Plans, families, and property frequently change and your plan should change with your circumstances.
You should review your plan with an attorney every three to five years. The following are some examples of life changes that you may wish to speak with an estate planning attorney about:
· New marriage or divorce
· New child, adopted child, or step child
· New home
· Serious illness
· Death in the family
· Change in assets or the value of the assets
· You change your mind
It is a good idea to review and re-execute some documents, like a durable power of attorney, periodically to prevent them from being rejected by financial institutions for being "too old and stale."
From time to time dig out your estate plan to make sure that it still conforms to your goals and wishes. If you have questions or need some updates, talk to an experienced estate planning attorney.
Information in this blog post is not legal advice but general information. Contact an estate planning attorney to implement a plan for you.