If you have your estate planning all set up but it has been a few years since you have done this, then you should consider reviewing the estate plan. In order to do this, you should hire an estate planning attorney. Below are some reasons why this review is so important.
Reasons To Update Estate Plan
There are many reasons why you would need to review and update your estate plan, including the following:
- If you have a child or if your child has grown up and is over the age of 18.
- If the person that you named guardian in your will that will take care of your minor children has died; or, if there are any circumstances in which you want to change the guardian to someone else.
- If you have had an addition to your family, such as if you have an elderly parent that has moved in with you.
- If you have a change in your financial goals.
- If you get married or get a divorce.
- If you become disabled.
- If you have a change in your life insurance plan.
- If you purchase a home or land.
- If you have had a large increase or a decrease in your asset values.
How an Estate Planning Attorney Can Help
If you have any of the circumstances listed above, hire an estate planning attorney. This attorney can gather all the paperwork from your estate plan, such as your will, financial power of attorney, advance medical directive, and revocable living trust, and go over all this paperwork with you. This will take time, as the attorney will go through each document separately and go over everything you have set up. This will ensure that all changes that need to be made are done correctly.
If you were to do this on your own you could easily make a mistake which would affect your family after you pass, as well as affecting you while you are living. The estate planning attorney may also see things that they would suggest that you change, such as how you have your power of attorney set up or your revocable living trust.
Hiring an attorney will help prevent probate, which is when your family members fight over your will after you pass. Probate can take many years to resolve and will cost your family a lot of money.
The estate planning attorney that you hire can tell you of other ways they can help you. For more information, you can visit sites like https://www.linskylaw.com.