My wife and I have an estate plan that we paid thousands of dollars for about 3 years ago. We were wondering how often we should be updating our documents, if at all. Thanks.
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Editor's Response
Your estate planning needs and goals often change depending on your circumstances and age. What might be a perfectly suitable estate plan for a young couple without children will not necessarily work for a retired couple with grandchildren. Because your assets, your family situation, your preferred guardians and executors, and the relevant laws are always changing, no estate plan comes with a lifetime guarantee. Generally, your plan should be updated at least every five years, or sooner if your circumstances change dramatically (new child, divorce, annulment, etc.) or if the politicians change the tax laws, something they seem to enjoy doing on a regular basis.
Also, sometimes a will or a portion of the will may be revoked by operation of law, such as when the testator marries, in which case the existing will is revoked unless it specifically contemplates the change in marital status. Similarly, a divorce or annulment will revoke the disposition of property to the former spouse, unless the will expressly provides otherwise. In most cases, updating your estate plan should not be as difficult or expensive as its creation, and wills are easily revoked by the execution of a subsequent will. If your attorney is not longer practicing, it's fairly easy to find a MA lawyer with estate planning experience. Good luck, and please tell your friends about The Forum.