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When Is The Best Time To Update My Estate Plan?


Life is unpredictable and circumstances are constantly changing, whether planned or not. It can be difficult to know exactly when you should update your estate plan. There are several life changes that should alert you to update your estate planning documents to include your will, living wilI, and powers of attorney. If you are looking for a reliable, trustworthy Estate Planning Attorney in Tennessee or Kentucky, contact Jake Mason, Board-Certified Estate Planning Law Specialist, at Mason & Associates Law Firm at Gallatin (615) 989-7054 or Nashville (615) 619-2791.

LIFE CHANGE #1: FAMILY


The most common and most impactful change in someone's life is usually with those closest to you, family. This change could be happy and positive such as a new birth, adoption, marriage, and rekindling of a relationship, or more complicated such as a separation, divorce, or death of a loved one. With a new birth or adoption, it is important to add a guardian in case something were to happen to you. With a marriage, you might want to add your spouse as a beneficiary or power of attorney.


The more complicated forms of family change such as with aging, separation, divorce, or death of a loved one could involve removing them from your legal documents in whatever capacity they served. You may also have an estranged family member or someone that you would prefer to be removed from the distribution of assets, which will need to be handled carefully by an experienced Estate Planning Attorney. You may have an aging loved one that will no longer be able to serve as a possible guardian of minor children so a new guardian will need to be named.


If you are business owner, you will also want to be aware of those listed as beneficiary, power of attorney, etc in your estate plan and business documents whether they are loved ones, business partners, or trustees. It would be good to review these documents from time to time as well to make necessary updates.


LIFE CHANGE #2: FINANCIAL


There are many forms of financial change that will occur off and on throughout one's life such as inheritance, job loss, starting a new business, closing a business, retirement and any significant change in assets. If you inherit a large sum of money or suddenly become very successful in business, you will want to adjust your will accordingly. If you purchase large assets that could potentially have much value upon your passing, you will need to have a plan in place to protect those assets or pass them on the way you want, to whom you want, when you want.


LIFE CHANGE #3: MOVING


There may be a time where you decide to make a significant life change and move to another state due to family, job changes or looking for a fresh start. We are seeing more and more moving into Tennessee and Kentucky than moving out over the past few years! Most of the time, estate planning documents are valid from state to state and no significant changes are needed. However, each state has different laws from time to time so it is important that you have an attorney look over your documents as soon as you are settled in your new place. Sometimes there are only a few pages that need to be amended or you may want to update/add more anyways. Check with an experience Estate Planning Attorney in your area.


About the Company:

Mason & Associates Law Firm, formerly known as Heritage Law Group, PLLC, is a boutique Estate Planning and Elder Law firm assisting residents in Tennessee and Kentucky, with offices in Gallatin and Nashville, Tennessee. We are dedicated to providing client-centered, professional legal services that are individualized through one-on-one consultations. We delight in empowering our clients and community through education and providing specialized resources. Our integrity-driven team will help you protect your legacy while delivering outstanding quality at a reasonable cost. Your Legacy Is Our Priority™

Jake Mason, J.D., LL.M. (Elder Law & Estate Planning), CELA, EPLS, is the Owner of Mason & Associates Law Firm in Gallatin, Tennessee. He is Certified as an Elder Law Attorney with the National Elder Law Foundation, is board-certified in Estate Planning and Probate by The Estate Law Specialist Board, Inc., of the National Association of Estate Planners & Councils, is board-certified as an Elder Law Specialist by the Tennessee Commission on Continuing Legal Education an Agency of the Tennessee Supreme Court, is accredited by the United States Department of Veterans Affairs, and is licensed in Kentucky and Tennessee. Mason is the only attorney in Tennessee or Kentucky with Board-Certifications in both Elder Law & Estate Planning. Contact us to schedule a consultation via phone, in-office, or video conference at info@planyourlegacy.com or Gallatin (615) 989-7054 | Nashville (615) 619-2791.