How Often Should I Review My Estate Plan In Maryland? Our Bethesda Lawyers Explain

Today, a majority of Americans polled reported that they do not have an estate plan in place to prepare for the continuation of their estates and provide considerable support for loved ones once they pass away. Those that have taken the time to draft a will or living trust may feel that they have done enough, but the truth is that continual revisions will be required to create the best outcome. Based on where you live, you may be facing vastly differing rules and regulations from your neighbors. Our estate lawyers in Maryland and D.C. have the experience and training to create cost-effective solutions for all types of lifestyles. We work hard to deliver the best for each and every client, and our diverse team of experts will provide comprehensive guidance every step of the way. We’re in it to benefit you over your lifetime, which means we’re committed to lifelong success!

Our Bethesda estate planning attorneys have helped entities of all sizes to find the best avenues for success, navigating the complexities of estate law. We advise our clients across all stages of life, and part of the success behind a complete estate plan is reviewing and revising your documents when needed. One smart reason review your plans occurs when you are going through a big life change.

Life Events

Any major life event may necessitate the need for updates to your will and estate plan as a whole. Generally, this is reserved for major changes such as the introduction or loss of a family member.

  • Births. The introduction of a new child can be an amazing experience, and one that requires to you take extra steps to be a responsible parent. Part of this includes updating your estate plan to appoint guardianship in case you and your spouse are unable to provide future care.
  • Illnesses. Serious medical conditions can make it wise to update most estate plans. Medical incapacitation is a possibility that should be planned for as a precautionary task.
  • Divorces. If you are to get divorced, it’s important to review all of your estate planning documents to make any necessary changes to ensure that no oversights result in unwanted outcomes.
  • Aging. As we age, many adults become unable to safely and effectively live on their own. If you or a loved one are facing a decline independent abilities, reviewing your life plans can prove very beneficial.
  • Decennial birthdays. Making the jump from 20 to 30 may have felt dramatic, but turning from 60 to 70 can be the perfect opportunity to go back and review your estate plan.
  • Deaths. Aging and dying are a natural process, and anytime a death occurs in the immediate family, estate plan reviews are recommended.

Oftentimes, technical changes are necessary to ensure full coverage for your estate plan. In some cases, such as the death of a loved one, you may view the world differently and want to reallocate your assets. In any case, our estate planning attorneys are here to help.

Maintenance Periods

In cases where there is not a big life change, most clients want to know the best spacing for routine maintenance. Laws change, making it important to review your estate plan in its entirety to ensure every letter is dotted or crossed. Some people may seek out help from a local estate lawyer annually, which may be ideal for certain situations. In most cases, we recommend revisions every three to five years. Those with less-complicated strategies can rely on checking their plans twice every 10 years, at the turning of the decade and at the midway point. Keep in mind that legal changes may necessitate the need for revisions, so be sure to stay up to date with governmental influences in concerns to your estate plan.

Creating a comprehensive estate plan can provide considerable peace of mind when you are facing the uncertainties of life. JDKatz is comprised of experienced estate lawyers to help Maryland and D.C. residents create the best strategies for their long-term security and tax success. Our team combines decades of experience to ensure that you are receiving the best possible service. Part of our success relies on continual support throughout your lifetime, working as a partner to achieve success. Contact our estate planning attorneys today to see how we can enhance your life goals!