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Regularly revisiting an estate plan is a good idea


Most Kent area residents understand the importance of regularly visiting the doctor and dentist to keep them in good health. But another area of their life that should be revisited is their estate plan, including their will, trusts, and health care directives. There are many life changes that can impact an estate plan.

Having an estate plan is a good way to ensure your wishes are honored and your estate is minimally impacted by taxes and probate. Reviewing an estate plan every 3 to 5 years can ensure that important changes can be made if anything needs updating. The person chosen to be the power of attorney or trustee may be different along with intended heirs. There are also life events that can affect an estate plan. These may include divorce, marriage, death of a family member, new child or grandchild, financial situation, retirement, real estate in another state, and starting a business.

An attorney who is skilled in estate planning can help their client establish a thorough plan or update their existing plan. Every family is unique and has different goals and concerns. Therefore, there is no one-size-fits-all estate plan. An estate plan is a valuable investment that a person spends time creating and thinking about. Spending a bit of time every few years to revisit it can be a smart plan.

The distribution of assets, setting up important health care directives, preserving a family estate are all things that can impact Kent residents. These are important decisions that, when communicated through legal documents, can affect a family for generations to come.

Source: fdlreporter.com, "Easing the burden: Revise your estate plan regularly", Isabell Mueller, July 30, 2016

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