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Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

Estate Plan Check-Up 6: Is Your Estate Plan Current?

4/7/2021

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A question we often get is, if I do a will today, does it mean that I’m going to have to redo it 10 years from now? How often do I have to look at my estate plan? You don’t have to do anything, of course. But there are good reasons to revisit your estate plan documents every few years.

Life happens and circumstances change. People move, get married, divorced, have children, and adopt children. Children grow up, go off to college, leave the nest. They have babies of their own – or not.

Your Will and Changing Life Circumstances
As your life circumstances change, it’s important to look at your estate planning documents and see whether or not your desires with respect to your estate have changed. Example. At one point in time, someone may say in their will that they want their investment account to pass to their niece. However, by the time they pass away, there are five nieces. If their will has not been updated to reflect this fact, there’s some ambiguity about their wishes. Did they want to provide for just one niece or to provide for the five?

Someone to Act for You When You No Longer Can Act
​For Yourself It’s especially important that you have appointed someone to make your financial and medical decisions for you by way of a power of attorney and a healthcare power of attorney – in the event you are no longer able to make them yourself. And by reviewing your documents, you can make sure that the people you have named are still available and willing to serve in those roles. (We also recommend reaching out, periodically, to the people you have named in your documents – just to make sure they are still available and willing to serve in those roles.) In sum, your estate planning documents represent a moment in time. An analogy we sometimes use is that of a coat, which you bought 15 years ago. It was hot pink, and it was all the way down to the ground. Would it still keep you warm today? Yes, absolutely. The function is still there, but would you purchase a hot pink, full length coat today? Maybe, maybe not. Does it still fit? Maybe, maybe not. Estate plans are like that, so it’s good to revisit them every few years and see what, if anything, needs to be updated or changed.


​This post is for general informational purposes only. The information provided may or may not apply to you given the specifics of your situation. For a video presentation of this information, please visit Estate Plan Check-up. For more detailed information, please visit porzioplanning.com or contact us for a free 20 minute telephone consultation.



By Deirdre R. Wheatley-Liss, LL.M, CELA and Crystal West Edwards, Esq., CELA
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    Please Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

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MCCC+EDC
325 Columbia Turnpike
​​Suite 101
Florham Park, NJ 07932 
​973.539.3882        ​(MAP)  
Mission: The Morris County Chamber of Commerce collaboratively advances the interests of its members to champion a thriving business and community environment.
Vision: Creating member experiences that foster exceptional business success and quality of life.
  • About
    • Chamber Team
    • Our Mission
    • The President's Desk
    • Morris Business Cabinet
    • Board of Directors
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Committee Chair and Vice Chair Application
      • Ambassadors Council >
        • Ambassadors-Only Resources
      • Business Development Forum
      • Business Strategy & Tactics Forum
      • Environmental & Sustainability Forum
      • Government Affairs
      • Health & Wellness Forum
      • Hispanic Affairs Council
      • Human Resources Committee
      • Not For Profit Roundtable >
        • 2021 NFP Excellence Award Honorees
        • Nonprofit Donations
        • Not For Profit Conference Scholarship App
      • Real Estate Forum
      • Tech Talk Forum
      • Women in Business Program
      • Young Professionals Forum
    • Staff Forms - Internal Use Only
  • Why Join?
    • Join Our Chamber
    • Retail Restaurant Membership
    • Member Benefits
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • Grand Opening Support
    • Member Marketing Opportunities
    • Enhance Your Directory Listing
    • Member to Member Deals
    • Member Referral Bonus
    • Connect to Morris Job Bank
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • 100th Annual Meeting Program
    • Signature Events & Programs
    • Submit an Idea for an Event
  • Find A Member
    • Searchable Business Directory
    • Nonprofit Organizations >
      • Not for Profit Spotlight
    • Professional Services >
      • Accounting, Auditing and Related Services
      • Advertising, Marketing and Related Services
      • Aerospace & Defense
      • Attorneys and Legal Services
      • Architectural, Engineering and Surveying Services
      • Banking and Financial Services
      • Business Consulting and Professional Services
    • Retail, Restaurants, & Service Providers >
      • Arts & Entertainment
      • Auto / Trucks
      • Catering & Food Products
      • Child Care & Day Care
      • Cleaning Services
      • Contractors
      • Decorating & Organizing Services
      • Environmental Services & Recycling
      • Event Planning
      • Farm & Agriculture
      • Fitness & Wellness
      • Health Care
      • Home & Garden
      • Hotels & Conference Centers
      • Moving & Storage
      • Personal Development & Coaching
      • Pet Care
      • Photography & Video Services
      • Restaurants & Bars
      • Retail Stores
      • Senior Care & Related Services
      • Shipping & Delivery
      • Travel & Leisure
    • Higher Education Partners
  • News & Info
    • Member Exchange Online Community
    • Chamber Magazines
    • Coronavirus News
    • Business Resources
    • News Around the Chamber >
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • Chamber Newsletters
    • Social Media
  • Programs
    • Economic Development Corp.
    • Executive Council Program
    • Women in Business Executive Round Table
    • Morris Chamber Toastmasters
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    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
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      • Leadership Morris Alumni Council
    • Thrive Morris
    • Work-Based Learning Internship Program
  • MCTV
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