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:
- Cohabitation, marriage, dissolution, or separation
- Death of a spouse or other primary beneficiary
- Obligation under a prenuptial or postnuptial agreement
- Changes regarding child or grandchild (or other beneficiary)
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
- Asset values-increase or decrease
- Change in insurability-life insurance
- Change in employment
- Change in business interests-new partnerships or corporations
- Property acquired not disposed of through current will or through nontestamentary transfers upon death
- Change in health of you, spouse, child or beneficiary
- Retirement from business or profession
Other changes that should be considered:
- Changes in laws: state and federal income, estate and gift, trusts, probate
- Change of residence to a different state
- Death of personal representative, trustee, or guardian named in your will
