Is it Time to Amend Your Estate Plan?

Once you have established an estate plan, it should not be on autopilot for the rest of your life. Circumstances can change, whether it is because of the passage of time or a major life event. There are times when you must change your estate plan to reflect a new reality.

From time to time, you should review your estate plan with an experienced attorney. Here are some reasons why you may need to change your estate plan:

• Someone listed in your estate has passed away
• You may have had a major life event like a marriage or divorce
• Your relationship with someone in your estate plan may have changed
• Your financial situation has changed
• You may have rethought your aims and what is important to you

Estate Plans Are Changeable

So long as you do not have an irrevocable trust, you can always make changes to things like wills and trusts. You can also revoke or change powers of attorney. What you do not want to happen is having an outdated estate plan that will not be effective when you need it.

There is no set interval as to when you need to review and possibly change an estate plan. The best answer is to review your estate plan after a major life event and periodically when you feel it is necessary. Your estate plan is something that should always be in the back of your mind because it is a living document.

Call a Boca Raton Estate Planning Lawyer

If you need to begin working on an estate plan or update the one that you already have, we can help. Call the attorneys at Rubino Findley at 561.220.0741 or contact us online to set up a time to talk about your estate planning needs.