Most people are very diligent in making sure that they attend an annual physical with their health care provider, but when was the last time you did a “check-up” for your estate planning documents signed years ago? Ensuring your Estate Planning documents are cared for in the same way you care for your physical health, helps to guarantee that your documents align with your current wishes.
- Outdated Appointments
If you have previously drafted estate planning those documents may have outdated appointments for things like your Personal Representative, Trustee, or Powers of Attorney. Most often, people draft estate planning for the first time when their children are minors. Once the children become responsible adults, it is usually the wish of most parents to have their children ultimately step into those fiduciary roles in their estate planning. However, without updating those appointments, those children are unable to step into those positions. - Changes in Life Circumstances
Life circumstances are always changing. Any time you have a major life change such as a marriage, divorce, or a death in your immediate family, you should consider if your estate planning needs to be updated as a result. In cases of a second marriage, for example, stepchildren are not treated as children in your estate planning without explicit instruction. You might have grandchildren you wish to include in documents and grandchildren are not immediately included without specific language. - Testamentary Capacity
As much as no one likes to admit it, there may come a time when you are no longer mentally able to make decisions about your estate planning wishes. It is essential that your estate planning documents match with your current testamentary intent should something happen to you. It is also essential that you are always comfortable with your nominations for Financial and Health Care Powers of Attorney as those agents can act for you while you are still alive.
Our general recommendation to clients of Martin L. Rogalski, PC is to meet with us about every 5 years unless life circumstances dictate a sooner change. Remember if you do not have irrevocable documents in place, you may change them as you wish. Take charge of your estate planning health and contact us to schedule a conference with our experienced estate planning staff.
