Hi there. Bridget Mackay, the Law Office of Bridget Mackay here in Petaluma, California. We practice in the area of estate planning and elder law. And this is the last in my series of four on the still existing myths about estate planning. And this last one is really important, like all the other three are. And it’s basically that myth that once I have a plan in place, we’re all good.
Once you complete your estate plan, whether that’s a Will or a Trust, you need to revisit it. It is not going to just miraculously fix everything at the time of your incapacity or death. Because those two events are completely unpredictable about when they’ll happen, how they’ll happen and what the circumstances will be. You need to regularly revisit your documents, change them, update them. Whatever you need to do with your attorney, your qualified estate planning attorney. So that you stay on top of how your life changes, how your desires and intent about your legacy changes.
Please throw that myth away. It’s a living document. I remember in constitutional law class in law school, that’s how they describe the Constitution. And the same is true for your living trust or your Will. Because your life changes, the circumstances of your beneficiaries change. And if your documents don’t change with them then the point of the legacy you meant to leave is gone.
Go regularly to your estate planning attorney and have it reviewed. In our office we provide reviews for clients every three years. Some attorneys do it every five years. If you have an attorney that isn’t doing regular reviews, find another attorney.