Those in Massachusetts who have taken the time to create estate plans can rest a little easier knowing they have taken a positive step toward protecting their loved ones and their assets. This is not always a simple task to accomplish. However, it is important to remember that, in order to maintain full asset protection, updates to estate plans may be necessary.
Many individuals want to believe that creating an estate plan is a one and done deal. Depending on one's age or date of death or incapacitation when it is completed, that may be true. However, for those who complete estate plans earlier on in their adult lives, a lot of things can change.
Major life events such as getting married, having children, getting divorced, getting remarried or acquiring property can all impact the way one's estate plan is written. Who will be listed as beneficiaries? Who will one list as a personal representative for powers of attorney? What one has listed initially in these and other areas can change over time. Failing to update an estate plan with the necessary changes can only cause trouble for loved ones down the line.
After an estate plan is completed, it is easy to forget about it. Few people, in Massachusetts and elsewhere, actually take the time to change it. In order to ensure full asset protection, though, reviewing one's estate plan periodically is a must. If changes are desired or needed due to life events, an experienced estate planning attorney can be of assistance.
Source: marketwatch.com, "Is your estate plan up to date? Check these 5 things", Melody Juge, Jan. 11, 2017