The Importance of Keeping Your Estate Plan Up-to-Date

Even if you don’t consider yourself wealthy or think you’re too young and healthy to make end-of-life decisions, it’s still a good idea to have an estate plan. The purpose of an estate plan is to describe how you want your money, property, and other assets distributed after your death. Your estate plan should indicate the person(s) you’ve chosen as guardians for any children or dependents. It can also include medical choices for how and where you want to be cared for if you die or become incapacitated.

Think of your estate plan as a long-term strategic plan for caring for yourself and your loved ones. And keep in mind that your needs and wishes may change as life goes on — you might get married, divorced, or run into personal matters that could change your mind about who you want making decisions for you and managing your affairs after you die. You don’t want to leave those decisions up to the state of Arizona. Instead, let the Arizona estate planning attorneys at Brown & Hobkirk, PLLC revise your estate plan and put your mind at ease. Call or contact us today for a free consultation.

The Importance of Updating Your Estate Plan

As with any long-term plan, circumstances change over time. It’s essential to keep your estate plan current to ensure your goals and desires haven’t changed due to unforeseen situations. Unplanned changes can increase the costs of settling your estate, and your wishes might not be able to be carried out as you had hoped.

How Frequently Should My Estate Plan Be Updated?

Whenever a significant life event occurs, it’s a good idea to consider how such an event may impact your estate plan. Consider reviewing your estate plan if or when you:

• Get married, divorced, separated, or are widowed
• Move to a different state
• Have or adopt children
• Have grandchildren
• Are diagnosed with a severe illness or chronic condition
• Lose a parent or other loved ones listed as beneficiaries on insurance policies or other financial documents (such as an annuity)
• Experience significant changes in your business, financial or tax situation
• Want to disinherit someone
• Have not reviewed your estate plan within the last three to five years

Which Estate Planning Documents Do I Need to Revise?

Your estate plan is unique to your situation and your wishes. You may need to revise some documents or add and delete other documents. Four of the most common estate planning documents include:

• Your Last Will and Testament
• Financial Power of Attorney
• Advanced Medical Directive
• Revocable Living Trust

After reviewing your situation, an estate planning attorney can recommend the best changes to make as you update your plan.

Contact An Experienced Arizona Estate Planning Attorney

Estate planning is simple with help from the experienced attorneys at Brown & Hobkirk, PLLC. Our skilled lawyers can help you identify the elements you need for a comprehensive estate plan and prepare all the documents for you. You will have peace of mind knowing your plan covers your unique situation and your wishes are complete and legally valid.

Contact us today for a free consultation at one of our five Arizona offices: Peoria, Scottsdale, Phoenix, Chandler, and Tucson.