Is it time to update your estate plan?
How long has it been since you last reviewed your estate plan and any related documents?
Never, you say?
Then there’s a very good chance that it’s time to do so.
But let’s back up just a bit. Do you have a will, power of attorney and/or an advanced medical directive?
If you DO have an estate plan, that’s great! But remember that you may need to update your plan when certain major life changes occur. These changes include:
- Starting a family
- Death of a family member
- Birth of a new family member
- Divorce or legal separation
- Marriage
- Significant change in financial circumstances (If you win the lottery, you should update your estate plan!)
- Beginning or ending of a domestic partnership
Because an out-of-date estate plan can be as problematic as no plan at all, it is important to review your will on a regular basis to make sure it is still working for you.
Even if one of the life events listed above doesn’t occur, reviewing and possibly updating your estate plan every five years is recommended. I even suggest reviewing your plan annually. The American Institute of CPAs recommends a brief annual review of your estate plan each year as well, in case a change tax code effects your estate. (We can even refer you to a CPA if you have specific tax-related questions.)
A qualified estate-planning attorney can help you make changes to ensure your plan is in fighting shape.
Call Limitless Law PLLC at (360) 685-0145 to schedule your estate plan review today!
If you are seeking legal assistance with adoption, estate planning, probate, real estate transactions, business law, bankruptcy or debt settlement, please don't hesitate to reach out to the experienced team at Limitless Law PLLC. We're here to help.
Call 360-685-0145 to learn more.
