How often should I update my Will, power of attorney and healthcare directive?
I get this question a lot. I also see a lot of clients with wills from the 70’s, 80’s or 90’s that are woefully out of date.
There are a few situations in which you should consider updating your estate planning documents. The first is if your personal situation has changed. Maybe you’ve gotten married or had children. Maybe one or more of your loved ones who are named in your Will have either passed away or your relationship with them has changed, and the documents no longer reflect your wishes. Maybe you did your documents when your children were very small and they are adults now. Maybe you have a great deal more or less money and property than you did when you originally did the documents. All of these would be good reasons to review the documents and consider updating them.
Another good reason to update your documents would be if you have moved out of state. It’s generally a good idea when you move from one state to another to at a minimum have your current documents reviewed, and generally they should be redone in accordance with the laws in your new state.
Another good reason to update or review your documents is if the estate tax laws have changed and you are unsure about whether you face an estate tax issue or not. A consultation with an estate planning attorney could potentially save you a lot of money that would otherwise go to Uncle Sam.
Do you think that your estate planning documents may be out of date? If you’re not sure, call Sarah White, Marietta estate planning attorney, at 678-453-6490 for a free consultation. I will be happy to discuss your situation with you. I serve clients in the northern suburbs of Atlanta, including Kennesaw, Marietta, Woodstock, Acworth, Cartersville, Canton, Smyrna, Roswell, and the surrounding areas. Call today to learn more.