I was recently reminded of the importance of having an updated estate plan (will or trust). A friend had talked to me about updating his will, but he unfortunately passed away unexpectedly before it was completed. So often we get in the mindset of a check list, and once we accomplish the first draft of our estate planning documents we think are good for the rest of our lives. However, just as life changes, our estate plan needs to change with it. If you operate on a checklist, make sure to add review of your estate documents to your list.
At least by the time you get married or when you are established in your career, you should get that first estate plan in place. Then the next step to review at is when children come along, because there are many questions in regards to your children and their care if something were to happen to you. The following stage of life is when those kids grow up and are responsible enough to become your Executor, Power of Attorney, or Healthcare Proxy. Another huge, but sad, time to review your estate planning is after someone dies or after a divorce. While this is a difficult time to worry about estate planning, it is a very important time because these events shape and change your world. We do not want a client of ours to prematurely leave this earth with their estate plan different from what they intended. Good intentions are just that, a thought. Vogel Law Firm recommends reviewing your estate planning document at the very least every three to five years. Together we need to look over your documents and make sure that there are no changes that need to be made.
As your circumstances change in life, make sure your estate plan mirrors those changes so that you will be ready when life throws you a curveball that was not on that checklist.
If you need to do a review of your estate planning documents, don’t wait, call an estate planning attorney today and schedule an appointment to review and update your documents. Those we love are too important to leave without taking care of them.