5 Reasons to Have Your Parents Estate Plan Reviewed

Talking to a Utah estate planning attorney can prove vital when you or your parents have an estate plan. While no-one likes to talk about death, it unfortunately, will come to us all eventually. That means you must plan for those difficult times. More people look to create an estate plan for their children or loved ones. And there may come a time when you need to review your parents plan. So, what reasons is there to review an estate plan?

Why You May Need to Review Your Parents’ Estate Plan

  1. There are Changes to State Laws
  2. Issues Over So-Called Stale Documents
  3. A Change to Spouses
  4. A Beneficiary Has Passed Away
  5. New Grandchildren or Beneficiaries

There are a dozen different reasons why you should review your parents’ estate plan Utah. It could be something as simple as an outdated power of attorney that causes issues later. For example, if your mother signed a power of attorney but it’s several years old, some financial institutions might not accept it. On the other hand, if it were a more recent document, that might change things. And there are changes to spouses, an adult child having another baby, or a beneficiary passing away. Sometimes, it’s easier to review these plans every few years to ensure they’re relevant.

Is It Necessary to Update an Estate Plan Utah?

While you can ask a Utah estate planning attorney to review a plan, that doesn’t automatically mean you need to make any changes or updates. For instance, if the plan is still relevant today as it was when originally created, there is no need to make any changes. On the other hand, if a spouse has passed away or there’s a new addition to the family – and your parents want to name them a beneficiary – changes can be made. It all depends on how relevant the estate plan is and whether your parents want to make any changes. Remember, it’s not your plan, but theirs. Learn more!

You Don’t Have Power to Change Your Parents’ Estate Plan

It’s great to take an interest in your parents’ estate plan Utah, however, it’s important to note that you should not be authorized to make any changed to that plan. It might be different if you have power of attorney, however, if not, you can’t. However, it is important to encourage your parents – whether they’re elderly or otherwise – to actively review their estate plan every so often. This helps to ensure the plan is relevant to them and their wishes. A lot of the time, your parents will request to review it to ensure its relevant still.

Let the Professionals Deal with the Estate Plan

When there are changes to state laws, regarding estate plans, inheritances, and everything else, it confuses most. That is why if you or your parents want to review an estate plan, it’s important to consult an estate planning attorney. They will know and understand the latest changes and be able to assist you should changes be required. Some will actively review on your behalf and flag up what needs attention, which is ideal, to say the least. A Utah estate planning attorney can help review any plan and should help deal with any necessary changes. For more details, visit: https://www.regencyyorkvillecondos.com/do-i-need-a-probate-lawyer-or-a-will-attorney/