You have an estate plan, but that doesn’t mean that it’s going to be exactly what you want forever. Laws change, your family may change and you could find that your circumstances warrant changing your estate plan.
Having an up-to-date estate plan is very important because it includes your:
- Health care power of attorney
- Health care directives
- Power of attorney
- Information about trusts
You may even need to add a few other important documents, such as trusts, letters of intent and more to your estate plan — depending on your needs. Your attorney may have helped you build your estate plan 5, 10 or even 20 years ago, which means that it could be time to review it.
Usually, it’s smart to review your estate plan when you go through a major life change. That doesn’t mean you need to alter it, but you may. Look over what your estate plan does for you, the beneficiaries you have and other factors that could be altered if you have a new child or have gone through a divorce. You want to make sure your estate plan considers your current situation and takes care of those you love and who are currently in your life.
With an updated estate plan, you will be able to:
- Name new beneficiaries or update your beneficiaries
- Address any current health issues you have or change your directives so that they are in line with your current feelings, wants and wishes
- Address any changes in the size of your estate, so that your estate is protected against taxation in the future.
Our website has more information on why your estate plan is so important and how often you should update it. Your attorney will work closely with you to make sure it is the right plan for your estate.