When to Review an Estate Plan

Things happen to us. Some changes are voluntary and some not.

Over your lifetime, it is not uncommon to have a few different estate plans as your circumstances change over time. For many, 20 years or so may pass between estate plan reviews. If you signed a will or trust quite awhile ago, your situation now may be quite different. And the estate plan is no longer correct in your eyes.

When you may want to review or change your estate plan

Starting a family
Having a child
Moved to MA from another state
Remove a named Individual
Assets exceeds $1 Million
Divorce
Changes in Estate Laws
Beneficiary with a problem
Retirement
Grandchildren
Health Issues
Understand the documents you have
Make the documents you have clearer

Changing some or all of your documents

From time to time, it's common to need to make changes to our estate plans.

But it may not be necessary to change ALL your documents. It depends.

For example, maybe only a person you named in a health care proxy is now unable to do that for you.

Generally, all estate planning documents can be changed. With a few exceptions that are rare.

Changing a Will

A will is valid regardless of how old it is, but your original wishes may no longer be valid. Frequently wills are amended with a child's birth. And add a provision to name a person (or two) to be the child's guardian.

Changing a Trust

Revocable trusts are relatively easy to amend. Most time, the document tells you how to do it. You should carefully follow the method outlined in the trust document.

Irrevocable trusts are more difficult to amend.

The most common goal of a MA irrevocable trust is to remove the trust assets from your taxable estate. Because estate taxes are usually based on what you own at death, removal of assets before death can be tax-reducing.

To make changes to an irrevocable trust, the trust should be read thoroughly to see if its terms allow for a change or termination. Or, if the trust terms, when fully understood, actually allow you to do what you want to do even if the trust continues unchanged.

Changing a Health Care Proxy

A health care proxy is essential, as the recent coronavirus epidemic has shown. This document allows another person to speak up for you for medical reasons if you cannot communicate.

From time to time, you may want to change your MA health care proxy. Maybe a person you named as the key person — your agent' — has moved or is deceased.

You can create a new health care proxy by signing a new one before two witnesses. Just make sure those witnesses are not the same persons you have named to be the person who will communicate for you.

By the way, MA law does not recognize what is called in other states a living will. So there is no legal MA living will. Instead, we put general directions about your care inside of the MA health care proxy document.

Changing a Durable Power of Attorney

If your durable power of attorney is over 5-6 years, you should realize that financial institutions may reject them as being too old or deemed 'stale' and unacceptable.

We regularly update durable powers of attorney to counter this unfortunate policy of financial institutions.

What we can do for you

Here at MA Wills and Trusts, we are familiar with both wills and trusts and equally comfortable with each approach. We can talk about which approach is right for you, now, in your current situation.

We can review documents for clients throughout eastern Massachusetts.

You can bring your current will and documents to discuss at a meeting with me. Contact us to set up a meeting.

I'll take a look, and we'll talk.
I'll be as simple as I can - but not omit vital information to you.
I'll be as honest as I can. Maybe it's a few decades old but still does the job.

Let's Talk