Your Will or Revocable Living Trust, Advance Directive for Health Care and Financial Power of Attorney make up your estate plan documents. These documents work together to give you the peace of mind knowing that your family will be taken care of in the way you wish if anything happens to you.
It is a good idea to review your documents periodically to ensure that your documents still fulfill your wishes. An estate plan should be reviewed every three to five years. Changes in your life could necessitate changes to your estate planning documents. These changes could be a marriage or divorce; birth or adoption of a child or grandchild; death of one of your beneficiaries; health issues for you or your spouse; someone named in your documents develops a substance abuse problem or becomes financially irresponsible or becomes incapacitated. Also significant financial changes in your life such as you or your spouse inheriting assets, you or our spouse making large gifts or loans to family members, or you purchase real estate in another state, may cause you to consider updating your documents. If any of these changes have occurred, it would be a good idea to have an attorney review your documents and make the necessary changes.
An estate plan can be done one time and never need to be adjusted, but it rarely works out that way. Things always seem to change and you want to make sure that your estate plan changes with you. It is important that your wishes and preferences are carried out and having an estate plan will ensure that the disposition of your estate is done in the manner you wish.