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How Often Should You Review Your Will?

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					How Often Should You Review Your Will?

Many people look at estate planning as a one-time proposition. They think estate
planning is about getting yourself organized, making that trip to the attorney’s
office, and putting a Will or Trust in place, period. The truth about estate planning
is that it is a process and not a one-time event. In order to make sure that your
plan actually accomplishes your goals, you need to review that plan periodically
and make any necessary adjustments.

What circumstances call for adjustments in your Will or other estate planning
documents? Things like:

      The birth or adoption of a child or grandchild
      The death of a spouse or an existing beneficiary
      Marriage and divorce
      The death of an executor, trustee or other fiduciary
      A move to a new state
      A major change in your financial status
      A change in the laws that govern taxes and estate planning

As you can see, there are myriad situations that can call for an update to your
estate plan. That’s why it’s important to sit down at regular intervals, perhaps
once a year, to take a look at your plan and consider whether it still works in light
of any recent changes in your life. Also, you’ll want to review your plan with your
estate planning attorney so that he or she can advise you as to any legal changes
that could call for an update. Many estate planning attorneys offer their clients an
estate plan maintenance service that takes the guesswork out of reviewing your
plan. If your attorney offers such a service, you may want to consider taking
advantage of it.

Finally, when you update your estate planning documents, you’ll want to review
the beneficiary designations for your life insurance policies, retirement and
investment accounts to make sure that those designations aren’t due for an
update.
Experienced estate planning attorneys Worcester MA of the Law Offices of James
A. Miller estate planning and business planning resources to residents of
Worcester MA. To learn more about these free resources, please visit
www.mamedicaid.com today.

				
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Description: Many people look at estate planning as a one-time proposition. They think estate planning is about getting yourself organized, making that trip to the attorney’s office, and putting a Will or Trust in place, period