When Should You Review Your Arizona Estate Plan?
Arizona residents who create estate plans often do so to seek peace of mind. An estate plan ensures that your instructions are clear after your death and that your wishes for your property are carried out. Certain estate plan documents, such as a power of attorney, may also be used to carry out your wishes if you are still alive but unable to direct your personal affairs yourself.
Once your estate plan is in place, much of the required work is complete. However, it is important to review your estate plan from time to time and discuss it with an experienced Surprise, Arizona estate planning attorney.
When is it time to review your estate plan?
You should plan a review whenever any of the following events occurs:
- You marry, divorce, or separate.
- You have a child, whether by birth or adoption, or a child reaches age 18.
- Your health or that of your spouse changes or declines, or a spouse dies.
- The value or type of your assets changes dramatically – for instance, you buy or sell a business, you buy or sell real estate, you receive a substantial inheritance, or the value of your investments increases or decreases considerably.
- Family events cause a significant change in relationships or attitudes toward one another, or your successor trustee, guardian, or administrator moves, becomes ill, passes away, or changes his or her mind about serving on your behalf.
- Federal or state tax laws change in a way you believe may affect your estate plan.
- You plan to move to a different state.
- You change your mind about any estate-plan-related issue.
About the Author
Zachary Mushkatel is a founding attorney of Mushkatel, Gobbato, & Kile, P.L.L.C., who has practiced law in Arizona since 2004. He also practices before the U.S. District Court for the District of Arizona and the U.S. Court of Appeals for the Ninth Circuit. A graduate of the University of Arizona and the University of Minnesota Law School, he started his career as a public defender and entered private practice in criminal defense. In 2008, Zachary co-founded a firm dedicated to civil law in addition to criminal defense, and he has since expanded his practice to personal injury, estate planning and litigation, guardianships, conservatorships, probate, corporate litigation, real estate, and various civil matters. He serves on the board and faculty of the Arizona College of Trial Advocacy, and he is a past president and current member of the West Maricopa County Bar Association.
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