When is it Time to Review Your Estate Plan?

Jun 10, 2016

One aspect of estate planning that people often forget is the very-important periodic review. Reviews provide the opportunity to check your documents to make sure they’re up to date and that laws haven’t changed. We may need to revise your documents to conform to changes in state and federal estate planning regulations. For example, health privacy rules may require a change in power of attorney or other documents.

Under Health Insurance Portability and Accountability Act (HIPAA) rules, the person you have designated to act on your behalf may not be able to secure enough medical information to ascertain your incapacity. The solution is to prepare an HIPAA authorization form that permits the person you designated to act on your behalf to have access to your medical information.

Other times, there are changes in your life that affect your estate plan, including changes to your family situation through divorce or the arrival of children or grandchildren. The people you designate in your estate plans, for example, executors and those who make health care decisions, may need to be changed from time to time.

Contact our office to check and see if it’s a good time to review your estate plan.