When Should I Update My Estate Plan?

Generally, estate plans are designed to remain unchanged. The more often that you modify your estate plan, the greater likelihood that it may be challenged in the future--and the likelihood increases the closer that it is changed to your death.

The following situations may be reasons to have your estate plan reviewed to determine whether any updates are needed:

  • Intent to Change of Trustees, Executors, Agents, or Other Named Fiduciaries
  • Intent to Change of Gifts Under a Trust or Will
  • Intent to Change of Named Beneficiaries
  • Death of a Named Trustee, Executor, Agent, or Other Named Fiduciary
  • Death of a Named Beneficiary
  • Loss of an Asset Gifted Under a Trust or Will
  • Substantial Change in Financial/Personal Circumstances of Trustees, Executors, Agents, or Other Named Fiduciaries
  • Substantial Change in Financial/Personal Circumstances of Named Beneficiaries
  • Change in the Law
  • Substantial Change in Your Assets

These are the most common reasons that your estate plan may need to be updated. For certain items, unless there is a substantial change which might make the prior plan inoperable, it may not be significant enough to modify, but if you think you might have such a situation, it's best to consult with an attorney to understand the risks.

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