The COVID-19 pandemic has served as a reminder of the uncertainty around every corner in life. Since we really can’t predict what the future holds, a great way to achieve peace of mind for yourself and your family moving forward is to review your estate planning in 2021. Even if you’ve already “completed” your estate planning, you should keep in mind that the value of assets can change over time, tax laws change, and even your final wishes can change. During this continued time of relative uncertainty, here are a few items you should check on pertaining to your estate.
Reviewing Your Will and Power of Attorney
The will and power of attorney are living documents, which means they can and should be updated as your life changes to reflect your current lifestyle, needs and preferences. Many people view the work of an estate planning attorney as a one-time task, but it should be updated annually. 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 to reflect that?
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 illness. If you’re married, divorced or simply changed your mind about who you want 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, simply consider 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?
Contact Mobley & Brown, LLP for Help for Families Who Need Estate Planning
If you are searching for an estate planning and family law attorney in Maryland and unsure where to turn, 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.