Elder Law Group Blog

Is it Time to Review your Estate Planning Documents?

Aug 2, 2019 | Articles, Estate Planning

If you are over the age of 60 and you haven’t updated your Estate Plan in many years, it’s almost certain that you need to update your documents. After that, you should review your plan every five years or so.

In case of a crisis . . .

Everyone needs a Durable Power of Attorney for finances and a Health Care Agent so that someone you trust can step in and make decisions for you in times of crisis.

Are you married, have children, or have acquired assets?

Once you begin accumulating assets (such as a new home or a retirement savings), get married, or have children, it’s important to create an Estate Plan to provide for your loved ones in the event of your death.

Have there been any major changes in your life?

Updates should be made as changes in circumstances occur, such as when children have grown, grandchildren arrive, or a divorce happens.

Have you chosen reliable people?

As we get older, it is a good idea to review whom you have designated in your documents to speak for you. You may want to choose someone younger, perhaps one of your children, instead of someone your own age who may be facing similar care concerns.

Have you moved to a new state?

If you move to a new state it will be important to have your Estate Plan reviewed to make sure it works in the new jurisdiction so you can take advantage of programs supporting long-term care or disability care.

In short, review your Estate Plan every five years or whenever a life change happens. If you haven’t made an Estate Plan, now is the time!

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