Many people have difficulty describing the difference between what a traditional estate planning attorney offers his or her clients versus what an elder law attorney offers his or her clients. The easy answer is that an estate planning attorney addresses the common issue of what happens to one's assets at death. In a traditional estate planning setting, much emphasis is placed on minimizing estate taxes, as well as insuring the most efficient and least restrictive means of transferring wealth to others.
Completing an estate plan generally provides individuals with a sense of relief and accomplishment knowing that their wishes and desires with respect to medical and financial decision making, as well as asset distribution are represented in black and white. However, most people take a set it and forget it approach meaning that once their planning is completed, they are under the misconception that it should not be reviewed or addressed at a later date. In a perfect world, estate plans should be reviewed and updated (if necessary) on a regular basis. The following life events or changes in circumstances may require an update of your estate plan: