Is it time to update your estate plan?
A properly designed estate plan is drafted to remain effective for a lifetime. It will cover the possibility of a variety of future life events - additional children or grandchildren, a child's marriage, the death of a relative, etc.
However, I advise my clients that some life events warrant a meeting and consultation with an attorney to confirm that their estate plan continues to meet their objectives. Common life changes where you should consider reviewing and updating your estate plan are:
1. Getting married (or divorced).
2. Additions to the family (the birth or adoption of a child or grandchild).
3. Death or changes in the health of a family member or successor trustee/agent.
4. Changes in financial circumstances.
5. Moving to another state.
6. Changes in the law.
If any of these changes apply to you or your family, I highly recommend that you contact your attorney to discuss whether an update or amendment to your estate plan is needed.
