Should I update my Will, Healthcare Directive and Power of Attorney?
Mistakes in Estate Planning
There are two prevalent mistakes in estate planning. One mistake is not to have a will or other key documents of a plan. The second mistake is to fail to update your estate planning documents. Having your estate plan doesn’t mean your work is done. Estate plans need to be reviewed and revised periodically. If you have not completed your estate planning, please click here to learn why you should not wait to get your estate planning in order.
If you have completed your estate planning, please take a few minutes and see if any of these apply to you:
- First, Estate laws are not national. Each state has its own nuances, what is required in one state may not be required in another. If you have moved to another state you should have an attorney in your new state review your documents and make any changes necessary. Also, laws can change, for example, if your Health Care Directive for Delaware was written before the year 2010, it very well may be outdated.
- Second, the things you care about change. One of the happiest occasions that could cause a change is an addition to the family, such as a child or marriage. There are instances where it may be necessary to remove someone who was included in the estate plan, such as a death or divorce.
- Third, your assets and liabilities change. When there is a substantial change it is wise to review your documents.
- Finally, your retirement plan can become outdated. A major mistake in estate plans is to fail to update beneficiaries. The beneficiaries for your IRA’s and 410K’s and other such plans follow the forms in the plans, not your will or trust. If your plans are over 10 years old it is prudent to review them.
At the Law Offices of Murray, Phillips & Gay, Julianne E. Murray is our Estate Planning and Administration attorney. Julie’s down to earth approach to the practice of law is appreciated by her clients and she prides herself on being candid, approachable and easy to work with.
Schedule a Consultation
If you need to start your estate planning or update your existing will, we would like to meet with you in person to discuss your options. To schedule a consultation at our Georgetown office, please call 302-855-9300, for Milford, please call 302-422-9300 or for Seaford, please call 302-628-9300. You can also fill out the contact form by clicking here.