I am often asked the question: “Why should I consult with an estate planning attorney if I’ve already had my estate plan done?” The answer is: “Because things change.”
An estate plan is not a static concept. At the least, an individual should have his or her estate plan reviewed by an attorney when he or she experiences a significant life change. Such life changes may include getting married, having a child, getting separated or divorced, receiving an inheritance, or enjoying a substantial increase in one’s net worth. These are all key times to have one’s estate plan reviewed, and possibly updated, by an attorney.
Another reason to revisit one’s estate plan is because there are often changes to the relevant law over the years. For instance, in 2010, significant changes were made to the laws governing powers of attorney. Additionally, over the years, there have been important amendments to the laws addressing the federal estate tax. In the future, it very likely such changes will continue.
For these reasons and many others, it is advisable to periodically have one’s estate plan reviewed by an attorney.
