Most people with wills and trusts will create these legal documents and then not look at them again for several years or even several decades. Although this is what happens with many people, there are many reasons why you should review your estate planning documents with the help of an attorney on a regular basis.
While it is always a good idea to review your wills and trusts to ensure they reflect your wishes, it is also essential to update these documents because federal and state estate laws change on a regular basis. For example, in 2001, the federal estate tax exemption was $675,000. Now, you can leave your heirs more than $12 million without paying any federal estate tax.
Estate planning laws also vary by state, and if you move to a new state, the estate tax exemption may be higher or lower. In Connecticut, for example, the estate tax exemption is $9.1 million, while in Oregon, this exemption is $1 million.
Other situations where you should review your wills and trusts are if you get married or divorced, or if you want to change your heirs or executor. When you go to update your estate planning documents, plan on updating your wills and trusts, your Durable Power of Attorney, your healthcare proxy, and any advanced directives you have created.
Even if you have not experienced any major life changes, it is always a good idea to update your estate plan if the thought crosses your mind. For more information, contact us at The Law Offices of Kayce C. Staehle today.