Your estate plan is not a “set-and-forget” kind of strategy. There are certain life events and circumstances that warrant your updating this important set of documents.
1) Marital Status
Your marital status has changed (because of marriage or re-marriage, death, or divorce)
2) Empty Nest
Your kids have turned 18 and are now able to serve as your lawful agents (e.g., personal representatives, trustees, health care agents, and attorneys-in-fact)
3) Business Interests
You’ve acquired investment property or a business interest since executing your estate documents
4) Representative Change
The person you named as your personal representative, successor trustee, health care agent, or attorney-in-fact has died, moved, or is now unable to serve
5) Health Changes
Your health care wishes have changed and your directives need to be updated
6) Beneficiaries
You wish to add beneficiaries (such as grandchildren), or to change existing bequests in your will or trust
7) Residency
Your estate documents were executed in a different state
Disclaimer: Laws change constantly. Specific legal advice should be obtained regarding any legal matter. The information contained on this website does not constitute legal advice and no attorney-client relationship is created.
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Donald A. Loose is an Arizona attorney, and the author of Arizona Laws 101: A Handbook for Non-Lawyers, and Estate Planning in Arizona: What You Need to Know. Mr. Loose is a regular guest on radio shows featuring local newsmaker interviews. He may be contacted at don@looselawgroup.com.
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