If you have already taken the time and effort to construct a plan, it’s vital that you remember to take time every so often to review your Colorado estate plan so you can be sure it is current. No estate plan is written in stone, regardless of how complicated or intricate its pieces are. If you want to have a plan that provides you with the maximum protections, you must be able to review your Colorado estate plan on a regular basis, and make changes as necessary. Here are several reasons why taking the time to review your plan is vital.
Review your Colorado estate plan because time marches on.
A lot of people create an estate plan, stick it in a drawer, and forget about it. As they go through their lives, they feel comforted by the knowledge that they have an estate plan in place, but don’t feel the need to review their plan regularly.
Even though this instinct is a natural one, it’s also one that ignores the important changes that can take place in your life as you age. Whether you are young, middle-aged, or a senior citizen, many of the issues your estate plan addresses can change as you get older.
For example, you might have a change of heart about the kinds of medical choices you want to receive if you ever become incapacitated. Beyond that, your inheritance choices could change as your relationships change with age.
Review your Colorado estate plan because the law is different.
The legal environment in which you create your estate plan will always be changing. Many of the changes that come about because of new court decisions or legislation are very minor, and probably don’t affect your plan at all. Other changes, such as the more recent changes in the estate tax calculations, are significant and could require you to make changes to your plan lest you be left out of the new options those changes allow for.
When you hire an estate planning attorney to help you create your plan, your attorney will keep you abreast of the relevant changes in the law. Should a change take place that requires you to update your plan, you should be prepared to follow your attorney’s advice and make the appropriate changes.
Review your Colorado estate plan because families can change too.
Whether you go through a divorce, begin a new marriage, have grandchildren, or go through any similar change in family circumstances, reviewing and updating your estate plan after such changes is always a good idea. Though you may not need to make any changes at all, you should understand your new family circumstances will affect your estate plan.
Hammond Law Group recommends updating your estate plan every 3 years.
When our clients sign their final documents, we recommend the clients come see us every three years to see if any changes need to be made to the estate plan. We offer all of our clients a fee three year review where one of our attorneys looks over the plan to see if anything needs to be changed. We want your plan to work for you and your loved ones no matter what changes happen in life. For more information on updating your estate plan, contact our office. We will be happy to answer all of your questions.