Time has a tendency to pass quickly, and many people say it seems to move faster as we age.
With this in mind, if it has been over five years since your estate plan was executed, changes in circumstances are very common. There are a number of situations that may indicate a need for new or amended estate planning documents, such as:
- Changes in health
- Changes in marital status
- Changes of mind with respect to a beneficiary, agent, executor, trustee or guardian
- Property acquisition
- Relocation to another state
- Changes in business interest
- Changes in wealth
The laws at both Federal and State levels are ever-changing as well, adding to the importance of reviewing your current situation and estate plan.
If any of the above issues pertain to you, it might be a good idea to contact your estate planning attorney to discuss potential next steps. When it comes to estate planning, it is best to plan for tomorrow today!