Every Maryland adult can benefit from having both financial and legal plans in place for the future. While an estate plan does provide a certain amount of protection and peace of mind, it may not be effective without regular updates and adjustments. Over time, life will change, and this means it is prudent for an adult to carefully evaluate his or her plans, goals and wishes for long-term medical and estate needs as well.
What changes are necessary?
Just like one will do when creating an estate plan, it is necessary to look at the details of the individual situation in order to determine what changes and adjustments would be prudent. The following could affect the details of current documents:
- Changes in residency, including a move to a new state
- Adding a power of attorney to an estate plan
- New medical needs affecting a medical power of attorney.
- Changes in current estate laws
Of course, it is essential to also ensure that current plans are complete. It may be important for a Maryland adult to add documents to an existing plan, such as the inclusion of a trust, new power of attorney and more.
Individualized planning strategy
In order to know exactly what updates one may need for his or her estate plan, it may be helpful to speak with an experienced estate law attorney. An assessment of the individual situation can be helpful to discover what adjustments will be most beneficial. Having an up-to-date estate plan allows one to look at the future with confidence and peace of mind.