ESTATE PLANNING CHECK UP
If you don’t have an estate plan in place, don’t procrastinate any longer – now is the time to get it done! If you already have an estate plan in place (wills, trusts, health care proxies, living wills, durable powers of attorney), the new year is a great time to review whether you need to update your documents.
Events happen over the course of a year (or several years if you don’t review your documents annually) that can impact your estate plan. Spending an hour or so every year to review your documents and address any needed changes can avoid difficulty later. Have any of the following happened since you last reviewed your estate planning documents? If so, you may need to update your estate planning documents.
- Did you get married, divorced or widowed?
- Did you have a child?
- Did your child(ren) reach a level of maturity that you may want him or her to have a position of authority (successor Personal Representative or health care agent or attorney in fact)?
- Did you inherit or make a significant amount of money?
- Did you change jobs or retire?
- Did your health change?
- Did you sell or buy property?
- Did you lose a loved one or experience other family changes?
Also, Federal tax laws may have changed since your documents were signed. It may be necessary to have your documents reviewed by an attorney to ensure that your plan still works as intended.
Creating an estate plan is not a one-time event. You don’t execute the documents and put them in the drawer or safe deposit box and never review them again. Your documents should be reviewed annually (your first review might take a little longer) to make certain your family and assets will be protected both now and in the future.
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This article is intended to inform you of developments in the law and to provide information of general interest. It is not intended to constitute legal advice regarding a client’s specific legal issues and should not be relied upon as such. This article may be considered advertising under the rules of the Massachusetts Supreme Judicial Court.