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  1. #1

    Default Estate Planning Over a Lifetime

    I'm relatively young and starting to think about estate planning but I expect my plans to change significantly in the next 2-5-10 years if I were to move, get married, etc.

    If I make an estate plan now and need to change it in the future, can I edit my existing plan or will I need to create an entirely new one? Do most estate planners have a client maintenance plan that provides for that or will I essentially be paying for a new will/POA/etc. every time I need them updated?

    Will I need to change my plan/create a new one if I move to a different state. I'm currently renting but that could change in the coming years as well.

  2. #2
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    Sep 2020
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    Default Re: Estate Planning Over a Lifetime

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    I'm relatively young and starting to think about estate planning but I expect my plans to change significantly in the next 2-5-10 years if I were to move, get married, etc.

    If I make an estate plan now and need to change it in the future, can I edit my existing plan or will I need to create an entirely new one? Do most estate planners have a client maintenance plan that provides for that or will I essentially be paying for a new will/POA/etc. every time I need them updated?
    It really depends on the changes. You might be able to do an amendment, or it might make more sense to create a new plan. As for the "maintenance plan", that's something that you can discuss/negotiate with the professional that assists you.

    Will I need to change my plan/create a new one if I move to a different state. I'm currently renting but that could change in the coming years as well.
    You may. Even if you don't have to, it may be wise to do so. That is also something to discuss with the pro that assists you.

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    Default Re: Estate Planning Over a Lifetime

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    If I make an estate plan now and need to change it in the future, can I edit my existing plan or will I need to create an entirely new one?
    "Estate plan" may include many things. Wills can be amended (the term typically used for an amendment to a will is "codicil") or replaced entirely. Trusts can also be amended or completely restated. Other "estate planning" documents are generally fairly short such that creating new ones and revoking the old ones is the way to go.


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    Do most estate planners have a client maintenance plan that provides for that or will I essentially be paying for a new will/POA/etc. every time I need them updated?
    I'm not exactly sure what you're asking. Any decent estate planning lawyer will conduct an estate plan review when your life situation has changed significantly (it is, of course, up to you to let the lawyer know when things have changed). You should never pay for a new will if you're only doing a codicil.


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    Will I need to change my plan/create a new one if I move to a different state.
    Generally no, but a move would be an appropriate time for you to have your estate plan reviewed and make sure no changes are needed (e.g., because your new state's laws require different formalities than those of your former state).

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