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Do you need to review your estate plan?


Many residents in the Kent area have taken the time to create an estate plan. There are many reasons why an estate plan is important, but there are also reasons to make sure that an existing estate plan stays updated.

One reason why an estate plan may need to be updated would be due to a marriage or divorce. This includes a person's own marriage and divorce and their children's marriage and divorce, if they are listed in estate plans. In addition to a marriage or divorce, the birth of a child can have a significant impact on an estate plan. An estate plan should be updated with the new heir's information and the child's needs regarding a guardian.

An illness or disability may also require an updated estate plan. If a power of attorney becomes sick or disabled, a new one may need to be named. Or, if a beneficiary of a person's estate becomes disabled, giving them assets could affect if they are able to receive public benefits. In addition, if a beneficiary dies, an estate plan should be updated. And finally, an estate plan may need to be updated if there is a change in the law. An estate plan that is being used for asset protection should be reviewed periodically to make sure it still makes sense with current laws.

An estate plan is critical in making sure a person's assets and wishes are passed to the next generation. Getting the right information about estate planning can make sure a family has what they need to feel secure in the future.

Source: greenbaypressgazette.com, "Top 5 reasons to review your estate plan", Michael Maas, May 29, 2016

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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