How Often Should You Review Your Estate Plan?
May 17, 2012 By Robert J. Kulas, P.A.
For example, what if your incapacity planning documents are old and don’t include the appropriate HIPAA language. In the event that you become disabled, your loved ones might have to end up going to court to get the right to make decisions on your behalf. And this is the very thing that an incapacity plan is meant to avoid.
Or, what if your documents aren’t designed to accommodate changes in tax laws? Failure to update your documents when the law changes can mean that assets intended for your family go to Uncle Sam instead.
So, how do you keep your estate plan updated?
You should get in the habit of reviewing it on a regular basis, annually if possible. When you look over your estate plan, you should consider any life changes you’ve experienced recently, like a marriage or divorce, the birth of a child, or even moving to a new state. Any time you experience a significant change in your life, there’s the likelihood that your estate plan will be affected. So, when change happens, check with your estate planning attorney and take the recommended action.
What about changes in the law? Legal changes affecting your plan can happen without you even realizing it. That’s why it’s smart to establish a relationship with a good estate planning attorney who has a program in place to advise clients of legal updates. If your attorney doesn’t offer this, then check in with him or her when you review your plan, just to make sure you’re not missing anything.
ABOUT THE AUTHOR: Robert Kulas
Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A. offers estate planning and business planning resources to residents of Port St. Lucie FL.
Copyright Robert J. Kulas, P.A.
More information about Robert J. Kulas, P.A.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
So, how do you keep your estate plan updated?
You should get in the habit of reviewing it on a regular basis, annually if possible. When you look over your estate plan, you should consider any life changes you’ve experienced recently, like a marriage or divorce, the birth of a child, or even moving to a new state. Any time you experience a significant change in your life, there’s the likelihood that your estate plan will be affected. So, when change happens, check with your estate planning attorney and take the recommended action.
What about changes in the law? Legal changes affecting your plan can happen without you even realizing it. That’s why it’s smart to establish a relationship with a good estate planning attorney who has a program in place to advise clients of legal updates. If your attorney doesn’t offer this, then check in with him or her when you review your plan, just to make sure you’re not missing anything.
ABOUT THE AUTHOR: Robert Kulas
Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A. offers estate planning and business planning resources to residents of Port St. Lucie FL.
Copyright Robert J. Kulas, P.A.
More information about Robert J. Kulas, P.A.
View all articles published by Robert J. Kulas, P.A.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
