7 Reasons to Update Your Estate Plan

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