When implementing an estate plan, make sure your estate planning attorney knows what is actually going on in your life, according to the Citizen Times in “Expert advice: 6 financial decisions to make now for your future.” Here are some key points to consider:
Estate Planning. Estate Plans should be reviewed whenever you have had a significant change of circumstances in your life, which usually is about every 5 years or so. A skilled estate planning attorney will ask you many delicate questions in order to make sure your plan is implemented properly.
How is your Health? It does not matter if you are as healthy as a horse, you still need to have a health care power of attorney because you never know when you might become incapacitated. It could be an accident, an allergic response to a vaccination or a diabetic emergency. We cannot prevent emergencies, but we can prepare for them. A living will, or advance directive, tells doctors and relatives more detailed information about how you want specific situations addressed. For example, do you want a “DNR” or “do not resuscitate” order?
Splitting Up? Don’t Miss These Details. A clear picture of your financial status will be helpful for updating your estate plan. You should not wait until your divorce is final to do that! One of the first things an estate planning attorney will ask a divorcing client is whether their power of attorney has been updated recently? Couples who have separated but not yet finalized their divorces often fail to change their estate plans.
It is highly likely that your life will change as your life progresses, and so should your estate plan.
An experienced estate planning attorney can advise you on creating, and keeping up to date with, an estate plan that fits your unique circumstances.
Reference: Citizen Times (Oct. 8, 2018) “Expert advice: 6 financial decisions to make now for your future”