Friday, June 20, 2014

When to Update an Existing Estate Plan

Completing an estate plan generally provides individuals with a sense of relief and accomplishment knowing that their wishes and desires with respect to medical and financial decision making, as well as asset distribution are represented in black and white.  However, most people take a set it and forget it approach meaning that once their planning is completed, they are under the misconception that it should not be reviewed or addressed at a later date.  In a perfect world, estate plans should be reviewed and updated (if necessary) on a regular basis.  The following life events or changes in circumstances may require an update of your estate plan:

·         Change in marital status, including marriage, divorce, separation, or death

·         Addition (or loss) of a family member

·         Change in income or wealth

·         Move to a different state

·         Changes in tax or probate laws

·         Decision to replace named fiduciaries or decision makers with another individual or family member
While this is not an exhaustive list, it certainly provides a great starting point to determine whether an existing estate plan requires a review and update.  Should you have any questions or concerns or would like a complimentary review of an existing estate plan, please visit my website (www.daviaulaw.com), e-mail me (nick@daviaulaw.com), or call my office (508-797-3010).

29 comments:

  1. Some people forget that sometimes things change and that wills do need to be updated. My aunt had to update her will when her son died unexpectedly. It was a difficult thing for her to do, but it had to be done. My grandma updated her will when each of my siblings was born. In an ever changing world, you need an ever changing will.
    Claudia Rosenburg | http://becklawhastings.com/practice-areas

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  2. That is a really good point Claudia. I never thought of it from that perspective before. I will be sure and get our will updated. Leaving the estate planning without an established order would be really difficult. http://www.egfosterlaw.com/Estate-Planning-Cape-May-Court-House-NJ.html

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  3. I have never considered having to change your will just because you move to a different state. It makes perfect sense now that I think about it, and I better start working on that. I recently moved from Colorado out to Idaho, so I guess I've got a lot of work to do. http://www.lawofficeofjohnprupcich.com

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  4. That caught me for surprise too Edmond. I really didn't know that could effect my will. I'm going to have to look more into estate planning. http://www.valentineandvalentine.com

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  5. I'm not sure if my parents have an estate plan or not. I would assume so, wouldn't most people? I've just never planned on getting anything, not that they have anything to give.
    Feruccio
    http://www.kjblaw.com.au/wills

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  6. These are some great tips! I'm in the process of writing an estate plan. This information will be useful for me to know when to update my estate plan in the future. I didn't realize that I would need to update it when there is a change in tax or probate laws. I suppose that seems to make sense. This is good to know. Thanks for the post!
    Bill Li | http://www.lsand.com/Practice_Areas.html

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  7. How long does it take to get the will done for the family? I want to make sure that I can sit down with my lawyer and get it all done. There are a lot of other things with estate planning that I also need to get done. http://www.kreislerlaw.com/

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  8. I never realized that you had to update your will that often. My wife and I are getting ready to move, so we're going to have to go through this whole process all over again. I guess it will really pay off for our kids someday though. http://www.lesrowe.com.au

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  9. My husband thinks he knows everything but then again what husband does not? He keeps telling me he is going to do some estate planning but I don't think that it will work out. I would feel much better hiring an attorney that deals with estate planning. http://www.acton-snyder.com

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  10. I want to set up a college fund for my grandchildren. I only have a few years left and I don't want my assets fought over. I want my grandchildren to get most of my money and use it for school.

    http://www.lsand.com/Practice_Areas.html

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  11. Thanks a lot for your information.That's a great idea and interesting post
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  12. These are great ideas and tips. Estate plans need to be kept up-to-date. As your station in life changes, your estate plan will also need to be updated. Once the plan is created, it is not set in stone. It can (and should) be changed from time to time.
    Jorge | http://www.gllaw.net/probate-estate-planning

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  13. My sister is divorced and I don't think she has updated her estate plan. I think I'll ask her about it. It's always better not to procrastinate when it comes to these types of situations. The sooner she talks to an estate planning attorney, the better.

    Susan Hirst | http://whitmorelaw.com/EstatePlanningResource.htm

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  14. I appreciate the information on when to update my estate plan. I thought that I only had to make a plan once and that was it. Now that I look at this list I know I need to update it. I have moved several times so I will have to update my estate plan. Thank you so much again for the advice!

    http://www.reneerlaw.com/practice-areas/estate-planning-and-probate/

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  15. I didn't know that you have to modify your estate plan if you move to a different state. Why would the change of state matter to what the estate entails? I would like to find out more about estate planning now that you say this. I was thinking about doing some planning now, but I am uncertain as to what will happen in the future.

    Zach | http://www.severlegal.com/trust.html

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  16. One thing that I've been hoping to learn more about is estate planning. I still have while before this stuff really matters to me, but I figured it would be important to be prepared. I hope that I can feel those feelings relief and accomplishment when it comes time for me to worry about this stuff.

    http://www.steamboatattorney.com

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  17. I never realized that you have to update your estate planning after moving to a different state. I guess that it would make sense because you are living in a different home. My husband and I just moved out to Colorado a couple of months ago. We should probably look into updating our will. http://www.youngandmuggleton.com.au/services

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  18. When my friend got married she had to change her martial status and change everything to her new last name. It was a lot of work to change everything. She is glad that she did. She will not have to worry about changing her last name back again. http://raepartners.com.au/services/estate-planning/

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  19. This is really good information to have. My husband and started talking about estate planning when his Grandfather died. We decided that we want to get educated about it and get started on the estate planning process. I am so glad I found this article. I will have to show this to my husband.
    Emily Smith | http://www.auton-beckbetty.com/Estate-Planning-Redlands-CA.html

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  20. My parents are getting old and I want to make sure that they have their estate planned. I am pretty sure that they did this many years ago, but maybe it needs to be updated. At any rate, it has also made me realize that I should get my estate planning done. I recently got married and so I think that now is a great time to get it done.

    http://www.cappolellalaw.com/estates--wills--probate.html

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  21. It's unreal to see how much goes into estate planning. With it being so complex, it's wise to talk to an attorney who specializes in this field. I'm grateful for these services and all that they do to help people.

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  22. I am pretty sure that my grandma already has an estate plan that she figured out a couple years back. Maybe she might need to get an update to her existing estate plan. With things changing over the past years, it probably would be best. Hopefully though it will work out for the best for her in the future.
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