The following article was featured in the Spring 2019 edition of GenerousLiving, a quarterly publication from Sun Health Foundation.
As an estate planning attorney, one of the most common questions we are asked is, “How often should I update my estate plan?” Unfortunately, there is no simple answer to this question. A family’s estate plan should be custom-tailored to their specific needs; any updates are dependent on their specific situation.
Beyond reviewing documents to ensure beneficiary designations are up to date, the vast majority of situations that require an estate plan update are caused by major life changes such as a death, a birth or a divorce. And with the increase in blended families, periodic reviews are essential.
Should any of those major life changes occur, we recommend that clients review their documents to see how that life change has affected them. Often, an estate plan may already take care of these contingencies and doesn’t need to be updated.
If, after reviewing the documents, you discover that a change needs to be made or there is uncertainty about how that life change impacts those documents, we suggest contacting an estate planning attorney to review the plan together or begin the process to create one.
You are invited to share this important information with your family and continue the tradition of generosity for generations.
To learn more about estate planning, consult your estate planning attorney. For more information about the options to designate your preferred charitable cause, contact a Director of Philanthropy at (623) 471-8500.
About the Author
Michael J. McGreevy, Esq., of McGreevy Law Office, practices in Sun City, Arizona. His firm primarily focuses on estate planning. His father, James F. McGreevy, Esq. (Ret.), also practiced law in Sun City for more than 25 years until his retirement in 2015. Michael has followed in his father’s footsteps not only in his career choice but also in his involvement in the Sun City community as well as with the Sun Health Foundation.
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If you want to learn more about the topics discussed in this article, consider subscribing to GenerousLiving. Brought to you by Sun Health Foundation, GenerousLiving is a quarterly publication that celebrates generosity and those who are inspired to give. In each issue, you’ll find important health and financial topics, along with stories of people in your community who are impacted by the generosity of others. You’ll also stay up-to-date on the latest developments of the Generosity for Generations Campaign and its initiatives that will enhance the health and wellbeing of West Valley residents.
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