Most people who have not done their estate planning yet have plenty of questions about how the process works and what this means for them. One question you may be asking is whether or not your estate plan is flexible.
What Causes Changes in Estate Plans?
You may be concerned about establishing a plan now if you’re anticipating major changes in your life, such as getting married, having or adopting a child or acquiring new property. It is always valuable to have an estate plan that is in line with the current circumstances of your life, but it can be a big mistake to wait until some future event to create an estate plan.
That’s because some of the primary goals accomplished in an estate plan are to address issues while you’re still alive, such as appointment of a power of attorney agent to handle your health care or financial decisions if you were to become disabled, ill or otherwise unable to take them on yourself.
When you know that your plan covers your needs now, you must also set reminders to revisit your existing documents. Plans may require adjustment over time as things in your life change.
An estate plan is flexible so long as you remain in contact with your area estate planning lawyer and communicate with them about any major changes in your life.
Keep Your Plan Flexible with an Estate Planning Lawyer
Your estate plan can be adapted with new tools and tactics as needed, but it is vital to have the support of a knowledgeable estate planning attorney who will provide you with a regular review and discuss any changes in state or federal laws that might require a different approach to your estate plan. Meet with a Massachusetts estate planning attorney today to discuss your options and next steps.
