Why Might I Update my Will or Trust?

Although you were responsible and should be applauded for taking care of your estate planning needs prior to today, be aware that you may need to update your will or trust due to familial, financial and other life changes.

Consider updating your will or trust if any of the following transpires:

Familial Changes:

  • Death of a spouse, child or other beneficiary of your will/trust;
  • Birth/Adoption in the family of child or grandchild;
  • When faced with divorce/separation (or a close possibility of one) in the family;
  • Marriage in the family;
  •  When a child has reaches the age of majority (18);

Financial Changes:

  • Increase in the size of your estate (i.e. an inheritance);
  • Decrease in the size of you estate;
  • Gifts of over $14,000 to any person;
  • Lawsuits and/or Judgments against you;
  •  Depletion of a specific gift you had previously left in your will/trust;
  • Change in financial responsibility of a child or grandchild;
  • Acquisition/disposition of a business partnership or corporation.

Health Changes:

  • Serious illness or deterioration of health of either spouse;
  • Serious illness of a child or grandchild who is a beneficiary of your will/trust;
  • Disability of a child or beneficiary.

Other Changes:

  • Death of an executor or trustee;
  • Change in your relationship with your executor or trustee;
  • If you have not reviewed your will or trust for changes in the tax rules.
  • Update Power of Attorney documents due to expiration of previous Power of Attorney

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