Not everyone takes part in formal estate planning, which could be a mistake. Others may take steps to devise a will, draw up a power of attorney agreement, and other measures. Writing and signing a legal will and placing it in a Louisiana safe for decades might not be the best approach. Things may change over time, and revisions to estate planning may become necessary.
Assessing the estate documents
Reviewing estate documents routinely may be advisable. Once a year could be appropriate, but some may suggest checking with an attorney twice a year or more. Often, there may be no need to make substantial changes. The birth or adoption of a new child or grandchild may require a revision occurs rather swiftly. And then there may be a less upbeat situation that suggests a change happen. If the testator becomes estranged from a beneficiary, removing the beneficiary from the will might be sadly unavoidable.
Several other factors could suggest a change in an estate plan. A divorce, inheritance, debt, or new tax issues may be among the reasons. Ultimately, if circumstances change for good or bad, a change to estate planning may become advisable.
A will might not be the only document requiring alterations. A power of attorney agreement might require rescinding to appoint a new attorney-in-fact.
Devising new documents to address health
Wills, power of attorney, and trusts represent common aspects of financial-related estate planning. Health and medical decisions for incapacitated persons could derive from directives in a living will. A health care proxy serves to move decisions to someone else.
Accidents and illnesses may occur without any impending signs. Taking the initiative to work on these documents might already be past due.
Estate planning changes might be necessary when life changes occur. Addressing revisions with an attorney could lead to crafting the appropriate documents.