Competent adults can create their estate plans at any time, but you may want to start the process sooner rather than later. You never know when life-changing medical or financial emergencies can happen. A sound estate plan ensures that your wishes are known.
Usually, revoking a will is a purposeful act. But many states have laws that automatically revoke a will, or portions of it, in specific situations.
When you retire, it's important to update your will to reflect your new lifestyle. With the help of an experienced estate planning attorney, you can create a comprehensive plan that protects you and your loved ones.
Changes in family dynamics, major changes in assets or income, and tax law changes may all cause you to review your estate plan. You should update at least once every 5 years.
If you are among the minority of US adults who have prepared a will, living trust, advance directives, and other end-of-life documents, you may think that your estate plan is finished. But you may want to reconsider. An estate plan is a living set of documents meant to be regularly reviewed and updated as life changes happen.
If you are divorced or widowed and planning to remarry, you may want to take the opportunity to review and revise your estate conservation strategies.
