Current Newsletter – January 2012
People often ask how often they need to review and update their wills and estate planning documents. Many assume that once they have prepared a will, durable power of attorney, and/or other related documents, these will last for the rest of their lives and never need to be updated.
A Will is Your Chance to Write the Law
For most people, the most effective method of engaging in sensible estate and Medicaid planning is as straight-forward as preparing a Last Will and Testament and Durable Power of Attorney. Wills and powers of attorney give individuals the opportunity to write the law that will apply to their estates, affairs, and family following their deaths.
A will is also one of the most flexible estate planning documents available. Modifying a last will and testament is as simple as destroying the old one and preparing a new one. Wills are simply "sheets of paper collecting dust" while you are alive, and they do not become effective until your death. As a result, they can be modified at any time to reflect your current situation and needs.
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