Keeping Your Estate Plan Updated

For those of you with an estate plan in place, kudos!  You have already done more than the majority of Americans.  You took the first step to ensure your estate passes to who you want, when you want and how you want!

But, while that is a very critical step, it is only the first step.  You want to make sure the plan you put in place still works for you tomorrow, next week, next year and, above all, when it is needed at your incapacity or death.  For this reason, we recommend having your estate plan reviewed every three years.  And here at MH, we provide that review free of charge!

Think of your estate plan as a brick wall around your home.  When the wall is first constructed, you know it will protect your house.  But over time, the elements and other factors chip away at the wall.  You may walk the perimeter to see where you may need to patch it to ensure the wall’s integrity stays strong.  You may not need to do anything, but the fact that you walked the perimeter gives you the confidence the wall is doing what it is supposed to do.  Later, you may realize that repairs need to be done and will be glad that you took the time to check the status of your wall.

There are many variables to consider when putting an estate plan in place.  The plan is built with flexibility, to handle many of the changes in those variables.  But, there are many that are just unforeseen, especially life events – birth, death, winning the lottery!

Your estate plan needs to be kept current in order to do what it was created to do.  So take the time to “walk the perimeter” by having your estate plan reviewed to ensure it still meets your needs for protecting your assets and your loved ones.

Contributed by MH Estate Planning Attorney James P. Plitz

What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down.  The attorneys also help those in Arizona to apply for and receive Medicaid assistance and Veterans Benefits.  Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead.    Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.