Many people have taken the time to do their estate planning at some time during their lifetime. While it’s important to start your planning as soon as possible, it’s also important to stay on top of your updates. If you haven’t looked at your estate planning in several years, now is the time to review and update!
An estate planning attorney can walk you throughout the review process to determine if your estate plan still meets your needs. Take a look at some of the reasons to update, below. If you have any questions about your estate planning update needs, meet with an estate planning attorney.
Main reasons to update:
- Change in financial situation, including significant asset increase or decrease
- Changes in family, including marriage, re-marriage, divorce, and or adoption
- Death of a beneficiary, executor, or trustee
- Changes in state or federal laws (your attorney may advise you about these changes)
- Changing your mind about a beneficiary or fiduciary
- Moving out of state
- Your specific needs change
- Your attorney offers new documents and services
The above reasons are some examples of when you will need to review and or update your estate planning. If you have questions about your specific needs, it’s important to talk with your estate planning attorney. He or she will be able to advise you based on your personal circumstances.
Additionally, everyone should review and make updates every 3 to 5 years!
Updating allows your attorney to professionally look over your plans to that she is able to ensure that your needs will continue to be met. Even if you don’t think you need to update, you may need to.
Is it time to give your estate planning a review? If you need to review and or update your estate planning, consult with a qualified estate planning attorney.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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