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10075 Red Run Boulevard
Suite 401
Owings Mills, MD 21117
(443) 379-4900

10 North Jefferson Street
Suite 200
Frederick, MD 21701
(240) 220-2415

Estate Planning: To Update or Not?

June 15, 2022

Jack Bloomberg

One question that clients raise often is when should they revise, update or draft new estate planning documents? The short and simple answer to this query is: whenever you want to make a change. Yet, there are many situations that come up in people's lives that require them to alter or redo a will, trust, power of attorney or advance directive. Often times it can be difficult to know when a new or revised estate plan is necessary, but that is why our estates and trusts team at RKW Law Group is here to help. 

I have clients come to me after a recent marriage, or after the birth of a new child or grandchild, to ensure those important life events are considered within their estate plan. Moreover, I have seen people execute a new will before traveling or going on a big trip. These situations are commonly thought of as key moments to prepare a will or trust. However, there are many other events or triggers that require one to reconsider their future planning as well. 

Aside from births and marriages, deaths and divorces are critical moments for which people should consider revising documents. It is crucial to remove an ex spouse from your estate planning documents as soon as possible to ensure your former spouse does not have any entitlements upon your death. Likewise, if someone passed away and could no longer serve as your personal representative (executor), trustee or power of attorney, it is important to delegate the role to a new, capable party. The same could be said for retirees who, while still living, may no longer be capable or willing to take on the responsibility of being a fiduciary. 

Starting a new business, purchasing real property, moving to a new state, and planning for retirement are other triggers that may require one to rethink their future planning. Not to mention, changes to state and federal laws can also create a need to prepare new documents. Regardless of your circumstances, wealth, or any changes you might experience year to year, RKW is ready to assist you with all of your estate planning needs. Call or email us today - you can contact Jack Bloomberg at (443) 379-8974 or jbloomberg@rkwlawgroup.com and Diane Kotkin at (240) 220-2410 or dkotkin@rkwlawgroup.com - to set up a consultation and we look forward to providing you with peace of mind through a comprehensive and personalized estate plan. 


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