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Updating your Estate Plan

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					             Updating your Estate Plan
Why your estate plan is not a once and done; Why you need to update on a
regular basis

Your estate plan needs to be updated to reflect and incorporate changes in the law
and your attorney’s experience. If you’re like most people, you realize that the law
is constantly changing. You may not realize that estate planning attorneys
continuously study and learn to practice in better and better ways.

In addition, you change. As life unfolds, your estate planning goals will change,
your family will change and your finances will change. In order for your estate
plan to work, meaning that it does what you want it to do, you need to update on a
regular basis.

How often to update your estate plan

To catch the above mentioned changes, update your estate plan every three to five
years.

When to update your estate plan sooner

If you have significant changes in your life, consult with your estate planning
attorney because it is likely that you should update before the three to five year
time period expires.

Examples of significant changes would be:

      Divorce or separation from a life partner
      Marriage or living with a life partner
      Birth or adoption
      New step-children
      An out of state move
      Start or wind down of a small business or professional practice
      Significant change in your assets such as a huge loss or gain or the purchase
       of a new home
    You wish to name someone else as a trusted helper (i.e. trustee, health care
     agent, agent under your financial power of attorney, guardian for your minor
     children, temporary guardians for your minor children, or executor.)

If you have questions about updating your estate plan, consult with a qualified
estate planning attorney.

Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton &
Cumpton LLP offers estate planning and business planning resources to residents
of Mobile AL. To learn more about these free resources, please visit
www.epattorneys.com today.

				
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Description: Why your estate plan is not a once and done; Why you need to update on a regular basis