Once you have created your estate plan, it is very important to review and update your documents periodically. You should always review your documents with an attorney when you have a new addition to your family, your children reach the age of majority, a beneficiary named in your documents dies, or a fiduciary named in your documents can no longer act, just to name a few examples. However, most people forget to also review their documents with an attorney when federal and state laws change regarding estate plans and taxes.
Over the past few years, there have been major changes to the estate and gift tax laws, and we expect more changes in the upcoming years. There have also been changes over the years to the HIPAA privacy and powers of attorney for health care laws, and many people never update their healthcare documents accordingly. These changes could mean that your estate plan is “stale” and is no longer working as the well-oiled machine it once was.
The best way to ensure that your estate plan takes into account the changes in your life and the law is to review your estate planning documents with an attorney every few years.
[Disclaimer: The materials contained on this website have been authored or gathered by the Law Offices of Stuart D. Zimring, and are intended for informational purposes only. It is not intended to be and is not considered to be legal advice. Transmission is not intended to create and receipt does not establish an attorney-client relationship.]