Do I Need to Change My Estate Plans?


If any of the following events occur, you should review and discuss with an attorney the effect such events will have on your estate plans and/or powers of attorney to determine, and whether any documents should be amended or revised due to the changes in circumstances.

(Please note that this is not an all-inclusive list.)

Changes in your family status and/or structure:

  1. Cohabitation, marriage, dissolution, or separation
  2. Death of a spouse or other primary beneficiary
  3. Obligation under a prenuptial or postnuptial agreement
  4. Changes regarding child or grandchild (or other beneficiary)
  5. a)     Birth of a child
    b)     Marriage of a child
    c)     Marriage dissolution of a child
    d)     Adoption of a child
    e)     Illness or disability of a child
    f)      Death of a child
    g)     Economic change: good or bad fortune
    h)     Attitude change toward a named beneficiary
    i)      Financial irresponsibility of beneficiary

Changes in your economic and personal condition

  1. Asset values-increase or decrease
  2. Change in insurability-life insurance
  3. Change in employment
  4. Change in business interests-new partnerships or corporations
  5. Property acquired not disposed of through current will or through nontestamentary transfers upon death
  6. Change in health of you, spouse, child or beneficiary
  7. Retirement from business or profession

Other changes that should be considered:

  1. Changes in laws: state and federal income, estate and gift, trusts, probate
  2. Change of residence to a different state
  3. Death of personal representative, trustee, or guardian named in your will