How Often Should You Update Your Will or Estate Plan?

Today’s Elder Care Matters Q&A provides guidance regarding how often you should update your Will or Estate Plan

Question: How Often Should I Be Updating My Will or Estate Plan?

Answer: You should update your estate plan every 3-5 years on average. This should take place sooner if you experience significant life-changing events such as:

  • Marriage: If you marry someone, this is invariably going to affect your estate plan. A marriage is one of the most important life events, and you want to make sure your spouse is properly accounted for according to your wishes.
  • Divorce: Like marriage, this is one of the most significant life events, albeit a more unpleasant one. You want to make sure you adjust your plan so that your ex does not end up receiving more than you intended
  • Bearing children: If you have more children or even if you end up welcoming stepchildren into your life, you you may want to set up trusts or other arrangements to make sure they are provided for.
  • Dealing with family deaths: If a family member dies before your estate plan would kick in, then you should revisit your plan and remove the deceased person.
  • Acquiring significant property: If you buy a house, inherit property, or encounter some kind of windfall, then you would want to add this to your plan, deciding who it would go to.
  • Starting or dissolving a business: Your estate plan should specify what happens to the business if you are unable to make business decisions, are incapacitated, or die. This can avoid a lot of chaos down the line.
  • Moving between states: Anytime you move, chances are high that your assets and financial arrangements may change or shift. In addition different treatment of assets in different states can complicate matters. It is best to speak with an attorney if you move to a different state or acquire property in other states.

These are just some of the most common reasons to more frequently revisit your estate plan. If you maintain regular communication with your estate planning attorney, he will alert you when you should sit down and look at it again.

Today’s Answer was provided by Don L. Rosenberg, Attorney and Counselor, with Barron, Rosenberg, Mayoras & Mayoras, P.C. in Troy, Michigan.  Attorney Rosenberg is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

#eldercarematters, #eldercare, #eldercareanswers, #seniorcareanswers,  #eldercaredirectories, #seniorcaredirectories, #findseniorcareprofessionals, #findseniorcareexperts, #elderlawanswers, #seniorcare, #seniorcarematters, #findeldercareprofessionals, #findelderlawattorneys, #findestateplanningattorneys

Stay in Touch with Elder Care Matters

 Facebook  Twitter  Google Plus  Linked  Blogger

eNewsletter Sign Up

ElderCare Answers

If you need answers to your elder care questions, send your questions to us at:

Answers@ElderCareMatters.com

Answers are provided by our ElderCare Matters Partners, some of America's TOP Elder Care Professionals who have years of experience in helping families plan for and deal with a wide range of Elder Care / Senior Care Services.

All Q&A's are posted on the homepage of ElderCareMatters.com

ElderCare Matters Articles

ElderCare Matters Articles are useful and up-to-date Elder Care / Senior Care articles that are provided by our ElderCare Matters Partners to help you plan for and deal with your family's elder care matters.

If you help familes plan for or deal with elder care matters, then you owe it to yourself and to families across America to become a professional member of the National ElderCare Matters Alliance and to be listed on the many Elder Care / Senior Care Directories that are sponsored by this National Alliance of Elder Care Professionals.

ElderCareDirectories.com

For additional information about professional membership in the National ElderCare Matters Alliance, (including the many benefits of becoming one of our ElderCare Matters Partners) and to download an Application for your Basic, Premium or Partner Membership in the National ElderCare Matters Alliance, visit: ElderCare Matters Alliance.