When do I need to review my estate plan?
Once you create your estate plan, the “maintenance” is pretty nominal on the document. Once every five years you will want to review your durable powers of attorney (both the finance and the health care directives). This is assuming that there are no changes in your life. However, if you do have changes in your life, such as getting married or divorced, or having children, you will need to update your estate plan (also known as a trust). As your life changes, so should your estate plan. This is the most important legal document that you can create. If you do not update it, it cannot protect you. Estate planning law changes every year and keeping updated the changes will ensure that you are properly protected. Your attorney should take charge of letting you know when Congress makes a change to estate planning law, and you should let your attorney know when changes have occurred in your personal life. By working together, you can make sure that your estate plan is current and offers you the most protection under the law!