If you and your partner are now above age 55 and it’s been several years since you had the opportunity to speak to an estate planning attorney, it’s important to consider the many different facets that could influence updating your estate plan.
First of all, now that you are older, your needs and assets might have changed. If your current estate plans are designed to avoid probate, it might be time to think more about elder law specific issues, such as long-term care expenses. Secondly, your assets could have increased or decreased.
It’s important to think about different assets that might need to be a line item listed in your estate plan and how the valuation of these assets could influence your overall estate planning picture. If your assets have decreased, that is still another reason to schedule a consultation with a knowledgeable attorney.
If your family needs have changed because one of your children has gotten divorced or there is a disabled grandchild that you wish to care for, you need to make sure that your current estate plan meets your current needs. Transitioning from an estate plan designed to protect you during your working years and your family status during that time requires an update when you and/or your partner pass the age of 55.
You have different concerns, questions, and needs now that time has gone by, and you might not be aware of what all of these different issues are until you have the opportunity to sit down and discuss with a qualified attorney.
A lawyer with experience in Massachusetts estate planning and elder law can walk you through which of your estate planning documents might need to be updated and which ones should be potentially added or eliminated in light of other concerns.
