Written by Christopher W. Dumm, The Law Office of Christopher W. Dumm
The mere fact of having an estate plan sets you apart from a majority of US adults, and yet if you don’t take the time to ensure your plan remains up-to-date, all of the efforts spent setting it up could easily be for naught. After all, an estate plan is only helpful if it reflects your present priorities and circumstances. This means that every few years or any time a major life change occurs, your plan requires review. It also means entrusting an experienced attorney to notify you of any legislative updates that may affect your planning. And lastly, it means ensuring the software used to draft your plan remains current.
In an ideal world, every adult would institute a basic estate plan upon reaching the age of majority. At a minimum, this would include a will, durable general financial power of attorney, and a healthcare directive. These documents, then, would require updating as different milestones are reached or unexpected changes occur.
Learn what specific events trigger the need for an update to your estate plan here.