Some Things Never Change Your Estate Plan Shouldn't Be One of Them

February 9, 2021

By Attorney Marissa K. Fitzpatrick, for the Buzz Book, Winter 2021

Humans are creatures of habit. We try something once, like it, and likely stick to the same routine the rest of our lives.

Whether it be a favorite restaurant, meal, TV show, or pair of jeans – why change if it works? As the saying goes, “if it’s not broken, don’t fix it.”

Unfortunately, most people apply that same principle to their estate plans. They may have had a Will or a Trust drawn up years ago so they checked that box done, then filed those documents away, and likely never looked at them again.

If this sounds familiar, your Will or Trust may not be “broken”, but it may time for some updates to reflect your life as it is now.

Three simple questions to ask to consider whether your Will or Trust needs updated include:

  • Has your health changed?
  • Has your family changed because of marriage, births, or deaths?
  • Has there been a change in your assets?

While the holes in your jeans might be on trend, holes in your legal documents are not. Review and update your estate plans about every five years, or following major life changes.

For additional information, contact an Estate Planning and Wealth Preservation attorney at RCO Law, 419-249-7900. 

 

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