There is no set time when you should call a lawyer to modify an existing estate plan. If you take a look at your will, trusts, durable power of attorney, and other estate planning documents and find that the terms of each document still meet your goals, then now may not be the time to modify your estate plan.
That said, now may be the time to modify your estate plan if:
- You have experienced a significant life or family change. You may need to provide for a new family member or take a specific person out of your estate plan.
- Your assets or income are significantly different than they were when you created your estate plan or last modified your estate planning documents. Your tax considerations and other needs may have changed since you last examined your estate plan.
- It has been more than a few years since you last talked to a lawyer about your estate planning needs. Even if your personal situation has not changed, laws that impact your estate plan may have changed and you may need to modify your plan to achieve your goals.
If you have any doubt about whether now is the right time to modify your estate plan then you should ask an experienced lawyer. If everything looks fine and you don’t need to make changes, a lawyer will tell you that. If, however, changes are important to implementing your goals, your lawyer will also tell you that and how to take the necessary steps to protect your interests.
There is no set time when you should call a lawyer to modify an existing estate plan. Find out how to make an educated decision here.To learn more, we invite you to browse our free reports and DVDs and to contact us directly via this website.