When to Create & Update Your Estate Plan
Tony B. MannsTony B. MannsAn Estate Plan typically includes at least a Last Will & Testament (“Will”), Durable Power of Attorney, and Advanced Directive. The right time to create your Estate Plan is up to you, but certain events in your life should cause you to consider updating your Estate Plan documents. Typically, these events would include marriage, divorce, the birth of a child, adoption, marriage of children, death of a spouse, moving to a new location, necessary changes to a guardian, trustee or executor, and even changes in tax laws. Another common cause for updates is when your child becomes a responsible adult and can now be entrusted with the powers provided in your Estate Plan. In addition, you should be aware that in order to execute estate planning documents you must be of sound mind, which generally refers to a person’s mental capacity to understand their actions, make informed decisions free of undue influence, and the consequences of their decisions. Estate planning documents should be signed in front of witnesses that are able to testify to the mental capacity of the signor if challenged. This is also an important reason not to wait to get your Estate Plan created.
You should consult your elder law attorney to ensure your Estate Plan preferences are met.
