Do I Need to Update My Current Estate Plan?

There are a number of events which may require you to update your estate plan. A change in your family relations, economic position, employment status, and external factors requires an evaluation of your estate plan to determine whether it should be changed.

Changes in Family Relations:

Marriage.
Dissolution of Marriage.
Death of a spouse.
Changes regarding child, grandchild, or other beneficiary:
Birth of a child.
Death of a child.
Marriage or dissolution of a child.
Adoption of a child.
Medical issues of a beneficiary.
Substance abuse issues of a beneficiary.
Financial irresponsibility of a beneficiary.

Changes in Economic Position and Employment Status:

Asset values substantially increase or decrease.
Change in insurability.
Change of employment.
Change in business interests.
Property acquired.
Change in health or health of spouse.
Retirement.

External Changes:

Changes in laws.
Change of residence out of state.
Death of executor, trustee, or guardian.