Five Events That Should Lead You to Call an Attorney to Modify Your Estate Plan

You’ve already taken the first step. You created an estate plan and, if you are like many people, you stopped thinking about it. Your will, durable power of attorney, trusts, and other documents have been established and your wishes will be implemented should anything happen to you. However, are those wishes still what you want to happen?

Five Reasons to Consider Changing Your Estate Plan

You have the right to modify your estate plan at any time, provided you are still of sound mind and not under the undue influence of someone else. While there are many reasons to modify an estate plan, five common reasons that should lead you to call an attorney include:

  • A change in your immediate family. When there is a marriage, birth, divorce, or death then you should consider whether your estate plan needs to be changed.
  • A change in business ownership. If you open, buy, or sell a business then changes to your estate plan may be important.
  • A significant change in assets. Tax considerations and other issues may arise if there are significant changes in your net worth—making it an important time to consider changes to your estate plan.
  • The death of someone important to your estate plan. If, for example, the trustee or guardian whom you named in your estate plan has died then you may need to name someone else.
  • Becoming involved with a charity that is important to you. You may want to provide for that charity in your estate plan.

Additionally, if more than a few years have passed since you last considered your estate planning documents, then you might want to call a lawyer.

Make Sure Things Go According to Your Real Plan

There is no harm in reviewing your estate planning documents. If no changes need to be made then you can go forward without any modifications. However, if changes do need to made then you can rest assured that the modifications have been completed and that your wishes will be carried out if anything happens to you.

If you have questions about your estate plan, please do not hesitate to contact us directly via this website or by phone to learn more. Additionally, we invite you follow us on Facebook to stay up to date on important estate planning tips.

 

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm