As one year comes to a close and another is about to begin, it’s time to review all of your estate planning documents and ensure that they are adequate and up to date. Amidst the hustle and bustle of life, it’s easy to create these documents once and forget about them. However, it’s critical to routinely review and update these documents to reflect your life situation.
The Importance of Reviewing Your Will and Power of Attorney
Your will and power of attorney are living documents, which means that they can and should be updated as your life continues to reflect your current lifestyle, needs and preferences. Many people view creating a will as a one-time task, but it should be updated annually in accordance with the acquisition of new high-value possessions, the addition of a new family member or after a divorce or passing. Failing to update your will or power of attorney could leave you in a situation where your current wishes are not executed and you are unable to properly articulate your preferences. Relationships change, assets change, your location changes and tax laws change. Are your will and power of attorney changing as well?
Reviewing Your Power of Attorney
The power of attorney designation gives someone else the authority to act on your behalf in a variety of circumstances, whether it is medically when you are incapacitated or financially. You should always review who your power of attorney is annually and in the event of terminal illness. If you are married, divorced or merely changed your mind about who you trust to act on your behalf, now is the perfect time to revise your power of attorney document.
Reviewing Your Will
Reviewing your will annually is another important task. How can you quickly review your will? Grab a copy and, before you sit down with your attorney at Mobley and Brown, LLP, answer the following questions:
- Is anyone missing who should be listed on the document?
- Are there people listed in the document that should not be?
- Have the circumstances of any individuals listed changed since it was drafted? Are they no longer of sound mind to receive a certain gift or serve as executor?
- How are you feeling about the division of your assets?
We can help you to adjust your assets and will as needed.
Contact Mobley & Brown, LLP for Help with Emotional Distress Cases in Maryland
If you are seeking assistance in Maryland as part of your personal injury case or emotional distress case and unsure of how to proceed, contact Mobley and Brown, LLP today. Our experienced legal team will work with you to meet your needs. Call us now at (410) 385-0398.