Key life events can make it necessary to change your estate plan.
Generally, any significant change in your family, financial, or health status should prompt a review of your estate plan.
The following is a list of examples:
Personal and family changes:
- You marry, separate or divorce;
- Your health, or the health of your spouse, declines;
- Your spouse passes away;
- A child is born or adopted;
- A beneficiary gets married or divorced;
- A family member develops special needs or requires extra care;
- A minor becomes an adult;
- A beneficiary’s attitude toward you changes;
- A beneficiary develops a substance abuse problem;
- A beneficiary displays poor financial management skills;
- The health of a parent or other beneficiary declines;
- A family member dies.
Family finance changes:
- The value of your assets changes significantly;
- You anticipate the sale or transfer of a family business;
- You buy real estate in your own or another state;
- The value of a family member’s assets changes dramatically;
- A beneficiary gets into financial difficulties;
- A parent or other relative becomes financially dependent upon you.
Other Changes:
- Federal or state tax laws change;
- You move to a different state;
- You change your mind about a trustee, guardian, or administrator you selected;
- A successor trustee, guardian, or administrator moves, becomes ill, or changes his/her mind about serving.