A change in circumstances can happen at any given moment and sometimes these changes can prompt a need to revisit one’s plans for the future. Many individuals in Massachusetts may understand the importance of keeping estate planning information updated. However, knowing when it might be time to consider making changes to an estate plan can still be a challenging task.
There are a variety of scenarios in which it may become necessary to update one’s estate plan. For instance, estate planning laws may vary in each state and moving to another area could prompt a need for modifications. Certain changes in life such as marriage and divorce can also create a scenario in which revisiting current estate planning documents and making changes based on current wishes is advisable.
In some cases, it might not take a significant life event for a person’s preferences to change and regardless of how it occurs, updating information to reflect one’s goals could prove imperative. Significant changes to assets and financial liabilities may also be valid reasons to consider making modifications to an estate plan. Experts also indicate that reviewing estate planning documents every three to four years could also be essential to ensuring one’s plan remains aligned with his or her wishes for the future.
Those who wish to ensure their goals for life ahead remain intact could find it helpful to seek advice in understanding when to review estate planning documents. By consulting with an attorney, a person in Massachusetts could obtain much-needed guidance in covering every aspect of forming a strategy for life ahead. An attorney can also provide a client with advice on when to consider updating estate planning documents and assist him or her in navigating the process should changes become necessary.