Bring In The New Year With A Review Of Your Estate Plan

According to the AARP, the majority of Americans do not have an estate plan in place. If you have a comprehensive estate plan, you are doing better than most—but you might not be properly protected. An estate plan that has fallen out-of-date may not protect your interests or achieve your goals. Here, our Boston estate planning lawyers highlights the key steps to take when reviewing your estate plan.

Step #1: Determine What Estate Planning Documents You Already Have in Place 

As the new year begins, it is crucial to take stock of the estate planning documents you already have in place. When you review—and potentially revise—an estate plan, you do not have to start from scratch. Your existing estate planning documents are your starting point. Do you have a will? Do you have trust? Is a power of attorney (POA) set up? Remember, it is not just about having these documents, it is about ensuring that your estate plan is fully up-to-date. The right estate plan is one that protects your interests and most effectively achieves your objectives. 

Step #2: Consider Any Major Life Changes that Have Happened or are Coming 

It is a best practice to review your estate plan on a periodic basis—at least every few years. Beyond that, you should also review and revise your estate plan after any major life changes. As any person in Massachusetts knows, life is constantly evolving. Major life events—from marriage to divorce to the birth of a child to a retirement—can all have a significant impact on your estate plan. The new year is a perfect time to reflect on these changes. Have any of these events occurred since you last updated your estate plan? If so, your plan may need a revision. Along the same lines, if a big change is coming for you and your family in 2024, it is also a good time to take a look at your estate plan. 

Step #3: Work With an Estate Planning Lawyer Who Can Help You Achieve Your Goals 

You do not have to review your estate plan on your own. By far, the most effective step in updating your estate plan is working with an estate planning lawyer in Massachusetts. The right estate planning attorney brings expertise and insight that you simply cannot get on your own. An estate planning lawyer will be able to review the documents that you already have in place, answer your questions, review your current needs and goals, and help you adjust your estate plan accordingly. 

Contact Our Boston, MA Estate Planning Attorney Today

At Fisher Law LLC, our Boston estate planning lawyers are reliable advocates for people and families. If you have any questions about the review of your estate plan, we are here to help. Contact us today to set up your confidential, no strings attached initial appointment. Our firm provides solutions-focused, cost-effective estate planning services throughout the Greater Boston area.

Source:

aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html