Getting a estate plan in place is a great way to protect yourself, your family and your legacy.  When you completed your plan, it reflected a snapshot of your life at that time.  After a few years go by, maybe that snapshot isn’t accurate anymore.  Things will change over the course of your life.  As they change, it might be necessary to change your estate plan.  Usually any changes regarding your family, personal, financial or health situation or a change in the tax laws may trigger the need to update your estate plan.  Here are some common situations in which people should review and possibly update their estate plans:

You and Your Spouse, If Married

  • You marry, divorce or separate
  • Your or your spouse’s health declines
  • Your spouse dies
  • Value of assets changes dramatically
  • Change in business interests
  • You buy real estate in another state

Your Family

  • Birth or adoption
  • Marriage or divorce
  • Finances change
  • Parent or relative becomes dependent on you
  • Minor becomes adult
  • Attitude toward you changes
  • Health declines
  • Family member dies

Other

  • Federal or state tax laws change
  • You plan to move to a different state
  • Your successor trustee, guardian or administrator moves, becomes ill, changes mind
  • You change your mind