QUESTION

How often should will, PoA, and other docs be updated?

Asked on Sep 15th, 2012 on Estate Planning - Ohio
More details to this question:
We had legal documents (will, power of attorney, living will, etc.) drawn up by a lawyer in 2005. Recently, our financial planner suggested that we have these reviewed periodically, as (he states) the laws change. How often should these documents be reviewed/updated?
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1 ANSWER

Tonya Coles
You should review your estate planning documents (will, trust, power of attorney, living will, etc.) every three years or so. When you review them, ask yourself if they are still meeting your needs. If not, schedule an appointment with an experienced estate planning attorney to discuss updates. You should also review your estate planning documents whenever you have a major life change, such as: death of a loved one; birth of a loved one; your children reach the age of majority; you move to another state; marriage; divorce; major change in financial status; retirement; etc. A major life change often requires an update to your estate plan. If you are not sure if your plan needs to be changed, or if you want to find out if there have been any changes in the law that affect you, you can always schedule a consultation with an estate planning attorney. Many attorneys will do a basic review of your current documents and provide suggestions about what needs to be updated. You can then decide if you want to retain the lawyer's services to make those updates. Tonya R. Coles Elder Law -- Estate Planning -- Probate www.tonyacoles.com  
Answered on Sep 21st, 2012 at 3:57 PM

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