Your Estate Plan – When to Review, When to Revise

By most estimates, less than 4 in 10 adults in the United States don’t have a will. If you are one of those people, STOP reading and immediately set an appointment with one of our highly qualified local estate planning attorneys. If you’re not sure how to choose an attorney or why it is important to have an estate plan, call me and I’ll be happy to help.

If you are still reading, that means you have some estate plan (will, trust, living will, powers of attorney or some combination thereof) in place. But when was the last time you looked over your documents to see if they still meet your wishes and needs? It is recommended that you review your plan every 3-5 years and/or upon the happening of the following life events:

Note that just because a life change might call for a review of your estate plan, not every review will require a revision or update. Wills and trusts are designed with the expectation that our life circumstances change, and well- drafted documents will anticipate and account for many of these changes. Similarly, powers of attorney and living wills don’t typically need frequent updating, so long as the agents and alternates named are still willing and able to serve. Recently, I recently consulted with a gentleman whose estate documents consisted of a 1994 Ohio will and financial and health care powers of attorney and living will made while he was residing out of state in the early 2000s. Almost 30 years, 21 grandchildren, 3 moves, 7 weddings and 2 divorces (heirs’ not his), one retirement and a couple of health scares later, his will was as good as when first written. I did suggest, however, that he consider updating the other documents, not because they weren’t legally sufficient, but for the more practical reason that local financial institutions and medical providers might be hesitant to accept unfamiliar forms.

So, when a significant life event happens, a good first step is to take a look at your estate planning documents and start ask yourself:

1. are my assets still going to whom I want and how I want; and
2. are the people I’ve entrusted to handle my affairs at my death or incapacity still up for the task?

If the answer to either question is “no” or “I’m not sure”, call your attorney or reach out to us for assistance. We will be happy to help you determine whether your plan still meets your wishes and needs.