An estate plan represents a snapshot of someone’s current life. Though we draft our estate documents to be amenable to life changes, one should still review his estate plan every year or so to see if the documents reflect his or her wishes.
At our firm, the wills we draft are general, and more often than not cover one’s entire estate in lieu of referencing specific assets. Although the estate plan may be generalized, many life events warrant changes to one’s documents. Moving between states, marriage, divorce, estrangement, and death of loved ones all represent appropriate reasons to update an estate plan. Additionally, when a minor child reaches the age of eighteen, a parent may wish to designate the adult as a primary or alternate agent or personal representative. If a person opens a new business, he may want to set up a limited power of attorney, or alternatively he may wish to reference the specific business within his will or trust. If a person’s assets increase or he or she opens a new life insurance policy, then it may be appropriate to set up a new trust and a pour-over will.
Life happens. We understand that a person’s wishes one year may be different than his or her wishes the next year. Come in for a free estate planning consultation with one of our attorneys to review your estate plan and discuss whether you’d like to change your current documents or set up new ones. You can reach us by calling (623)551-9366.
