Too often we will responsibly execute legal documents, put them in a safe place and then promptly forget about them. An experienced estate planning attorney can assist with keeping your important legal documents current by making appropriate changes to these documents based upon your life or lifestyle.
There is no set schedule for updating your will, living will, durable power of attorney or living trust, etc. but there are some life events that may serve as a guideline. Some of those events could be getting married or a change in your marital status whether that is a divorce, the death of a spouse or a remarriage. Another may be becoming a parent.
Events That Impact Estate Planning
Other life changing events impact our assets, perhaps making a major purchase like becoming a homeowner or selling a property, receipt of a substantial inheritance, moving to another state or even a change in the tax code would merit a review of our important documents. Changes in financial status, whether positive or negative, may warrant an update to your existing estate planning documents or in some instances, be better served by more complex legal documents.
Retirement is another milestone that can impact estate planning with regard to changes in financial needs and status. Sometimes life challenges like becoming disabled or other serious physical ailments may force us to re-evaluate our needs. Also, as we advance in years or experience negative changes to our health, we may wish to modify our estate planning documents.
It is important to periodically contact your attorney so that you can discuss life changes, review your important legal documents and effectively plan for the future. Like any successful partnership, you will want to trust and be comfortable with the lawyer with whom you choose to do business. Evaluate your research, use common sense and hire the attorney you feel will best represent and champion your needs.