How Often Should I Update My Estate Plan?

"I have an estate plan, but I think it needs to be reviewed."

At Altman & Associates, we want you to view estate planning as a process, not a product.  The hardest part of the process for most people is simply getting started.  However, in the days, months and years following your first completed estate plan, the inevitability of change (with respect to both life and laws) makes for another critical part of the process:  Keeping your estate plan current.

As a general rule of thumb, we recommend having your documents reviewed and updated if necessary every four years.  We offer comprehensive estate plan review - whether you've had your existing plan prepared by us or another firm.  We will review your documents to ensure that:

• they are in compliance with current Federal and State laws.
• that you have all of the documents that you need (ex: medical directive, power of attorney, etc.).
• that they reflect your current wishes (ex: beneficiaries are correct, division of assets, long-term care, etc.)
• that they account for any changes that may have occurred in your life (ex: divorce/remarriage, change in residency, new children/grandchildren, etc.)

Furthermore, if you took the liberty of drafting your own documents (via a D.I.Y. service like Legal Zoom), it's especially important that you have your documents reviewed by an experienced estate planning attorney.

The common thread, regardless of how simple or how complex the changes may appear, is this:  Having an outdated or improperly prepared estate plan is as dangerous as having no estate plan at all.

Please contact us to discuss having your estate plan reviewed and updated accordingly.

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