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December 06, 2022

How do I update my existing estate plan?

Estate plans should be reviewed roughly every five years and updated as circumstances warrant. Consult an Estate Planning Attorney.

If you want to make changes or updates to an existing Will, Trust, Power of Attorney, or other documents, an Estate Planning Attorney can help.

For example, your attorney can add a Codicil or restate your Will, and they can amend or restate your Trust. (A restated trust maintains the original name and date, which avoids retitling assets you have already titled to your existing Trust–a major convenience).

What if my old lawyer is retired, I have moved states, or I want to switch lawyers?

Not a problem! It is best practice for attorneys to restate Wills and Trusts rather than relying on a former attorney’s work (which might apply outdated laws or laws from a different state). You want to ensure correct preparation and legal effectiveness.

Likewise, some documents, such as Power of Attorney, need to be redrafted every ten years or so. (Unfortunately, third parties, such as banks, brokerages, etc., will only accept POAs if they are relatively recent).

This article represents the opinion of the author and is intended for educational purposes. This article does not constitute legal advice, nor does it create an attorney-client relationship. One should always consult with an experienced attorney before making estate planning decisions.

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