Maryland estate plans help protect dependent family members and create a legacy for people who die. They can also outline medical preferences and grant legal authority to other adults in emergency scenarios.
Estate plans may retain their authority indefinitely, but reviewing them occasionally to ensure they are accurate is still an important undertaking. How can people recognize when it may be time to review and modify an existing estate plan?
1. Changes in major relationships
Any significant change in family dynamics can make an estate planning update necessary. Both marriage and divorce generally make updates necessary.
The birth of new beneficiaries or the death of people named in documents can also impact estate planning needs. Even estrangement from children and other family members can affect the best estate planning protection.
2. Shifts in personal holdings
Selling a professional practice prior to retirement or buying a bigger house are both transactions that could make estate planning reviews necessary. People may need to remove assets that they have sold from their estate planning documents or add beneficiary designations for valuable, recently acquired property.
3. Going years without a review
It is often advisable to review estate planning documents every three to five years for accuracy and legal compliance. Between changes in personal circumstances and evolving state statutes, documents can become outdated with little warning.
Working with an estate planning attorney to routinely examine and modify existing documents can help Maryland residents optimize their legal protection. Regular updates are an important part of the estate planning process.
