Are there Expiration Dates for Estate Plans?

Monday, July 27th, 2009

There is no expiration for estate plans.  However, major life events should prompt you to review your plan and make sure that your wishes are still enforced.  Examples of these common life events include purchase of a home, death of a loved one, birth of a child, divorce, or marriage.

If you’re married, there are certain considerations that you should think about in creating an estate plan.  First, you would need revision of your trust to include your existing spouse.  Also, you may acquire a power of attorney for managing your finances if ever you’re incapacitated or unable to manage any of your financial affairs.  Therefore, a well-rounded estate plan must include a power of attorney for health care which appoints a trusted individual (typically your spouse) to make medical decisions if you’re unable to do so yourself.

While for remarriage, you need to revise your will or trust immediately.  Any gift to your ex-spouse may not be valid.  So how will the court decide who to give it to?  Therefore, you should make this change yourself so that you’re sure to carry out your wishes when you pass away.  Same goes to your children.  Appointing a guardian for the minor ones would protect them even when you’re gone.

Tags: attorney, estate plans, expiration, married, power of attorney, remarriage, trust, will
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