Can I Change My Estate Plan As Many Times As I Want?
Life changes. Your estate plan should be able to change with it. In Massachusetts, you generally have the right to revise your estate plan as often as you wish. Whether you want to update a will, modify a trust, or change beneficiaries, the law permits repeated changes as long as you have legal capacity. Within this article, our Norwood estate planning attorney provides an overview of your right to change your plan in Massachusetts.
You Have the Right to Revise Your Estate Plan at Any Time in Massachusetts
Commonwealth law gives people broad authority to modify their estate plans as their circumstances or wishes evolve. As long as you are legally competent, you can change your estate plan as often as you like. Among other things, this includes revising your will, amending or revoking a trust, updating powers of attorney, and modifying beneficiary designations. There is no limit to the number of revisions you can make. The only requirement is that you must still have legal capacity.
The Most Common Reasons Why People Changes their Estate Plan
Are you considering updating an estate plan? You are certainly not alone. An estate plan is a “living” document. Indeed, there are many personal and financial circumstances that can prompt someone to revisit and revise their estate plan. Some of the most common reasons why people opt to change their estate plan in Massachusetts include:
- Marriage or Divorce: Major relationship changes often require updates to beneficiary designations, guardianship plans, or trust arrangements.
- Birth or Adoption of a Child: Parents in Massachusetts may need to name new guardians, update inheritance plans, or adjust life insurance beneficiaries.
- Big Change in Financial Circumstances: A large inheritance, property sale, or major investment may trigger a need to restructure your estate for tax or legacy reasons.
- Death or Disability of a Beneficiary or Executor: If someone named in your plan can no longer fulfill their role, an update is essential.
Your Estate Plan Should Be Reviewed On a Regular Basis
Even if no major life changes have occurred, it’s wise to review your estate plan on a regular basis. Over time, laws may change, financial circumstances may shift, and relationships may evolve in ways that affect your original intentions. A routine review (every three to five years) is a good general rule of thumb for most people and families in Massachusetts. If you have any questions or concerns about whether you have the right estate plan in place for your current situation, a top-tier Massachusetts estate planning attorney can help.
Consult With Our Massachusetts Estate Planning Lawyer Today
At Fisher Law LLC, our Massachusetts estate planning lawyer is standing by, ready to help you develop the right plan for your needs. If you have any questions or concerns about modifying your will, we can help. Please do not hesitate to contact us today for a completely confidential, no obligation consultation. We provide estate planning services throughout the Greater Boston area.
