In this Elder Law Minute, Kaye DeSelms Dent discusses when and why to update your estate plan, mainly for any life changes.
Video Transcript:
Hi, I’m Kaye DeSelms Dent with Dent Coulson Elder Law, here with an Elder Law Minute for you. These videos are intended to educate you about the elder care journey—which begins earlier in life than you might think. We hope you find them useful, and if you have further questions, please call us at Dent Coulson Elder Law.
Today, I want to talk briefly about how often you should update your estate plan.
And like so many things in law—you’ve heard me say this before—“Well, it depends.” For estate planning, what I generally tell clients is to review your documents annually. I recommend selecting a date you can easily remember, such as New Year’s Day. For most of us responsible adults, it’s a quiet day, and we might be up and at ’em, doing the things we want to get a good start on for the new year.
For married couples, I suggest using your anniversary as a reminder. Spend a little time making sure your foundation is solid when it comes to your estate plan. Ideally, you’ll go through your estate planning documents—15, 30 minutes, maybe an hour if they’re more complicated—and make sure the people you’ve placed in positions of trust, such as executors, agents under power of attorney, and trustees, are still available, able, willing, and ready. Most importantly, make sure they are still people you trust and want in those roles.
Also, review how your assets will be distributed at your death and how things will be handled if you become disabled. Make sure those plans still reflect your wishes.
You won’t need to update your estate plan every single year in most cases—but every few years is a good idea. For most people, I’d recommend not going more than 5 to 7 years without checking back in with your attorney.
And certainly consult with an estate planning attorney anytime there’s a major life change—like the birth or marriage of a child, a divorce, your own marriage or divorce, or the death or disability of a spouse. Don’t wait. When those things happen, make seeing your estate planning attorney a priority to see what updates might be recommended or necessary.
And of course, here at Dent Coulson Elder Law, we’re happy to help with updates—even for documents we didn’t originally draft. If your estate planning attorney is no longer available for any reason, we’re here to help.
Contact Us for Assistance
Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
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“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
