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Do I Need To Update My Estate Plan Documents?

By Ann E. Salek, Attorney at Law

Critchfield, Critchfield & Johnston, Ltd.

When did you last establish your estate plan? Do you have a “life plan” in place as well? Many people plan for their death but more people need to plan for their life as well. As you age, you may become ill or your capacity may diminish. You need to make sure you have the correct documents in place to accommodate your life as well as your death. Have you had “life changes” since initially implementing a plan? Many people establish a plan and then forget about it assuming they never need to revisit that plan.

I suggest to my clients that they review their plan at least every five years or when they have had a “life change.” Many people forget what plan they have in place. Just reviewing that plan and refreshing your memory may be enough to confirm you have the correct plan in place. Similarly, revisiting your plan may confirm you want to make some changes.

Following include some of the “life changes” that may warrant updating your plan:

• Death in the family
• Birth in the family
• Remarriage
• Illness
• Children reaching adulthood
• Receiving an inheritance
• Purchasing a second home
• Starting a new business venture
• Acquiring new assets
• Fulfilling philanthropic intentions

Diminishing capacity

As you age, you may find yourself contemplating what kind of legacy you will leave behind. The time to plan your legacy is during your lifetime. This is a time to consider philanthropic intentions. What are you passionate about? How can you leave this world in a better position?

Regardless of what your “life changes” may be, just make sure you have properly prepared for your life as well as your death.

Sponsored By

Critchfield, Critchfield & Johnston, Ltd.
Attorneys at Law
4996 Foote Road, Medina, OH 44256
330-723-6404 • www.ccj.com

Opinions and claims expressed above are those of the author and do not necessarily reflect those of ScripType Publishing.