For their protection, your beneficiaries, and yours. Drug or Alcohol Dependence? A beneficiary or key person named in your Will or Trust that has developed a drug or alcohol problem may be a sign that it is time to update your estate planning documents.Now that their children are adults there may be changes in the way they want to gift. Are your children no longer minors? Many parents of minor children create revocable living trusts to protect their assets and their children.If Bob and Sue get divorced, picking one of them will alleviate the concern of a custody battle. For example, some clients insist they list Bob and Sue, husband and wife, as the guardian of their children. However, even a guardian, trustee, executor, or beneficiaries divorce or marriage can mean it is time for an update. Marriage or Divorce? Both can have an impact on your estate plan, especially if it is your own.Tax code changes could significantly impact your estate plan and the tools you have implemented to meet your goals. Have tax laws changed? The tax code changes, probably way too often.Likewise, if a guardian, executor, or trustee has developed a disability, you may want to consider replacing them. Disability? Disabled beneficiaries create new planning considerations that may or may not have been covered in your documents.Death? Has one of your beneficiaries, an executor, a trustee, or a guardian passed away? If so, you may want to consider revisiting your estate planning documents to update them accordingly.However, some attorneys or clients do not draft their documents this way. Birth or Adoption? Your estate planning documents will typically contemplate additional children and/or grandchildren. ![]() ![]() If you have moved since you completed your documents, you should talk with a local attorney to see if your documents need to be updated. Have you moved? Each state has its own laws regarding Wills and Trusts, understanding how these laws interact is important.Below is a our Wills and Trusts Annual Checklist of 10 events or changes that make it appropriate to reconsider your current estate planning documents. There are some major life events that may necessitate a change, or at least a review with your attorney. Clients often ask how often do they need to change, update, or restate their revocable living trusts and/or last will and testament (“Wills”).
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