Take Time to Review Your Colorado Estate Plan

Take Time to Review Your Colorado Estate Plan

If you have already established your estate plan, it’s vital that you take time to review your Colorado estate plan to be confident it stays current. Estate plans become out of date as your life and laws change. If you want your plan to provide you with the most protection, you must review your Colorado estate plan 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 a plan in place, but don’t feel the need to review their plan.
 
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 laws change.

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 don’t affect your plan at all. Other changes, such as the more recent changes in the estate tax calculations are significant. Some changes might require you to adjust your plan to take advantage of new opportunities.
 
When you hire a qualified elder law and estate planning attorney to help you create your plan, your attorney should have a system to help keep you informed of the relevant changes in the law. Stay in touch with your attorney by reading newsletters and blog posts to be aware of changes in law that could affect your plan.

Review your Colorado estate plan because families can change too.

Changing families need changes to your plan. 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 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 estate planning documents, we recommend they schedule a review consultation every three years. This is a meeting with an attorney to review any life changes to make sure your plan is up to date. We offer our clients a complimentary three year review where one of our attorneys looks over the plan to see if anything needs to be changed.  If you have a plan from another state or attorney, we would be happy to review it with you. 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 your questions.

 

 

updated 12/20/2022 – bvw

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