Being prepared for major life events goes a long way when things go south. For people who have always understood this and had their estate plans created, that’s great. However, if it’s been years or decades since you’ve reviewed your will, power of attorney, or trusts, now is the time to reassess. This key message is the subject of a recent article from Tri-State Alert, “If you completed your will and power of attorney 20 years ago and think all is well – take a second look.”
Whether you live in Moberly, Missouri or elsewhere, these are important questions to ask: How has your life changed since those documents were first drafted? If you had trusts created for minor children and they now have children of their own, those trusts could be problematic. If your brother was named to handle your estate, but he is now suffering from dementia and lives in a nursing home, then he can no longer serve in that role.
Life circumstances change, and documents created in the past may no longer be effective.
If your children now have children, you may want to have trusts created to benefit the grandchildren. You may also want to plan for what would happen if one of your children predeceases you. Their minor children may not inherit directly, so you want to plan for what happens to their share of your estate.
What about Power of Attorney documents created more than five years ago? These need to be reviewed. In some states, the statutory forms have changed, so a POA created in 2009 may not be valid today. Different states change their forms, so check with a local estate planning attorney to ensure that you have an up-to-date form.
If there are changes to your health or financial status, they need to be discussed with your estate planning attorney, and your documents need to be reviewed. A plan that worked when you and your spouse were both healthy and well or flush with cash may not work if one or both of you become seriously ill or have a reversal of your financial status.
Tax laws keep changing, and if your estate isn’t up to date, you may be incurring taxes for your heirs without knowing it. While the federal estate tax exemption is extremely high and most people don’t have to worry about it, there are still state estate taxes. Five states still have inheritance taxes: Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania. The recipient of the inheritance pays these, and the amount depends upon the beneficiary’s relation to the deceased.
An overwhelming amount of incorrect information can be found on the internet, by using AI, or by listening to family or friends who are not estate planning lawyers but still like to tell everyone what to do.
The best way to deal with an estate plan is to sit down with an experienced estate planning attorney and discuss your own unique situation, your goals for your estate and what protections you need to put into place for those you love.
Visit our website www.MoTrustLaw.com to get more estate planning information and to subscribe to our complimentary e-newsletter. Our e-newsletter is designed to provide valuable information to residents of Moberly, Macon, Kirksville, Salisbury, Columbia and surrounding areas.
Reference: Tri-State Alert (June 15, 2026) “If you completed your will and power of attorney 20 years ago and think all is well – take a second look”