When they’ve finished their estate plans, many clients ask when their documents should be updated. Ideally, estate planning documents should be reviewed and/or updated every three to five years, or when substantial life changes occur. An experienced estate planning lawyer in Kingston, WA can help you through the process.
Changes in Federal and State Law Create New Opportunities
The biggest reason to revisit your estate plan is the range of changes occurring in federal and state law. By occasionally reviewing your will and other documents, your attorney can update them to keep pace with those changes.
An Outdated Power of Attorney May Create Procedural Delays
A power of attorney should be frequently updated even in the absence of substantial life changes. Your estate planning lawyer in Kingston, WA, may recommend updates for a variety of reasons, but banking is one of the most important. Banks are notoriously hard to work with when they’re dealing with outdated powers of attorney. When yours are regularly updated, you can avoid these procedural headaches and ensure that everything goes smoothly.
Changes in Life Circumstances
When life changes, your estate planning documents must change with it. Divorces, childbirth, and other changes in family composition are all reasons for an update. Other triggers, such as changes in wealth, should still be considered.
Wills are fairly flexible documents that allow for life changes, but this quality alone isn’t enough to protect your interests. As with other estate planning matters, you can avoid expensive problems by taking some time to prepare your documents today.