Good Reasons to Update Your Estate Plan
— Mary Anne Vance, Attorney at LawFinding the time to update our estate plan is daunting. We all have busy lives and thinking about our own mortality is not our highest priority. We work hard, struggle to save money and hope to have enough money for a comfortable retirement. We also want our adorable kids to inherit something from us.
Your Will and Powers of Attorney might be fine as is, but if you were considering an update here is a checklist to help you decide:
- Has my marital status changed: married, separated, divorced, or widowed?
- Have any of my beneficiaries died, fallen ill, or become disabled?
- Is there a reason that my named executor, guardian for kids, or trustee may not be able to perform their duties?
- Am I worried that my adult children cannot manage money well?
- Have I changed a beneficiary designation on my IRA or life insurance so that one child will inherit more than my other children?
- Do I have a new friend or charity I want to include in my Will?
- Has my net worth increased and am I now concerned about estate taxes?
- Have I become disabled?
- If I become ill and need someone to handle my financial and medical affairs, do I have any doubts regarding the person to whom I gave my Power of Attorney?
If you answered "yes" to any of these questions please call us to see if you need to make a change to your documents. Document changes can be short and sweet with the miracle of word processing, so do not be shy.
Contact me if you have specific questions or would like to schedule an appointment.
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Seattle, WA Estate & Trust Lawyers
Mary Anne Vance
Reed Longyear Malnati Corwin & Burnett
801 2nd Avenue, Suite 1415
Seattle, WA 98104
(206) 624-6271
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