Your Estate Plan Needs a Checkup

January 13th, 2016 by Thomas Oates

Many aspects of estate planning is based upon the current laws in effect at the time you create your estate plan. Occasionally the legislature changes the laws and those changes can have negative consequences on your estate plan. To avoid the unintended consequences of an outdated estate plan you should consult on a regular basis with your trusted estate planning professional to make sure your plan is ready in the event it’s needed.

Not to worry though, most changes enacted by the Legislature include grandfathering provisions to preserve those properly executed estate documents from losing their power simply based on a change in the law. One example of this was the 2011 changes to the durable power of attorney provisions. These changes removed the springing powers clauses in documents executed after October 1, 2011. There were several other changes as well, but there was also a grandfathering provision which protected those documents executed prior to the change. So long as they were lawful at the time, their power remains valid.

There’s always a catch. With all of that said, certain documents are subject to acceptance by the person they are presented to. As banks and other financial institutions update their procedures and review process for certain documents they come to expect certain forms of documents. Presenting an outdated form to a bank may result in non-acceptance. In order to avoid any issues you should have your documents reviewed periodically.

You can rely on the attorneys at Law Offices of Oates & Oates, P.A., to make sure your plan is complete. Call or email to schedule a consultation for your estate planning checkup.

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