When Should You Review Your Arizona Estate Plan?
By Zachary Mushkatel on May 9, 2013
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.
Zachary Mushkatel is an Arizona native who earned his undergraduate degree from the University of Arizona in 2001 and his law degree from the University of Minnesota Law School in 2004. After serving as a public defender, he entered into private practice and, ultimately, joined forces with Mathis Becker to form the law firm known today as Mushkatel, Robbins & Becker, PLLC. In addition to criminal law, Mushkatel practices civil litigation, with a focus on estate litigation and personal injury cases. He also serves on the Board of Directors for the Surprise Regional Chamber of Commerce and Sun Valley Lodge, and he is an executive officer and member of the Board of Directors for the West Maricopa County Bar Association.