Reviewing and Updating Your Estate Plan

Once your Estate Plan is in place, a certain amount of maintenance is required in order to ensure that it still functions to achieve your wishes.  To this end, regular reviews are necessary.  An annual review is a good idea, but at the very least, your plan should be reviewed every three to five years or upon occurrence of a life event.

Examples of life events warranting an Estate Plan review include the birth or adoption of a new child, marriage or divorce, change in capacity of a family member,  inheritance, change in financial goals, or change in financial status, to name but a few.  When any life event occurs, your Trust, any guardianship plans, and all health care documents should be carefully considered.  You want your Estate Plan to minimize both the financial and emotional costs of settling your estate upon your death; regular reviews can ensure that the administration of your estate goes as smoothly as possible.

Reviewing your Estate Plan at regular intervals, as well as upon occurrence of major life events, will help ensure that your legacy, both financial and otherwise, is passed on in accordance with your wishes and that your beneficiaries receive their distributions with no complications.

Contributed by MH Phoenix Estate Planning Attorney Andrea Claus.

About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years.  Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects.  We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  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.