Antique jewelry, classic cars, valuable collectibles: Any vintage lover knows that sometimes, old is better than new. Not when it comes to your estate plan, though. The estate planning documents you created in the past won’t necessarily serve you well today.
Even proactive estate planners sometimes make the mistake of considering the process “done.” In reality, most people will need to adjust their estate plans intermittently. Shutting your will and other estate planning documents away in a drawer and forgetting about them could leave you unprepared in an emergency, or leave certain loved ones from inheriting your assets.
Estate Plans Have to Evolve
What if you’re in an accident tomorrow and doctors have to put you into a medically-induced coma? Would your estate plans reflect your current wishes and be practicable? Or would doctors have to make decisions on your behalf because the person you named as your health care proxy is now your ex-spouse, or is suffering from dementia?
Too often people think of estate planning as being about what happens when you die. But your estate plans also become relevant if you’re seriously ill or injured, so they have to be ready and practicable today, even if you’re relatively young and healthy. Review them frequently and update as needed.
When to Update Estate Plans
There’s no set schedule to follow when updating your estate plans. Your personal circumstances determine the timing. It’s generally advisable to review your estate plans whenever:
Someone who loses a spouse may need to update some designations (like their health care proxy and power of attorney) if their spouse used to fill these roles. They may also need to change beneficiary designations for life insurance policies and other accounts. Also, a newly divorced or widowed person may want to rethink how to divide up assets among other loved ones once they know their spouse won’t be inheriting.
Estate planning doesn’t have to be complicated. Updating your existing plans can be quick and painless, and it’s a relief to know that it’s taken care of. Ladimer Law is here to help you establish your plan and update it as necessary. Contact Ladimer Law for help.
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Natick, MA 01760
Ladimer Law specializes in estate planning. We protect our clients, their heirs, and their assets by listening closely, knowing the law, and executing estate plans that fit and evolve.