Power of Attorney – Health Care Proxy – Irrevocable Trusts – Probate
Consider updating your will any time you or your any family members experience a major life change. A major life change can include an event like the birth of a new child, but it can also include any meaningful, long-term change to a relationship that could affect estate planning after your passing.
Reasons for Will Changes – Typical reasons for changing or updating a will include:
(1) Marriage or divorce;
(2) Birth or adoption of a child;
(3) Death of a family member or beneficiary;
(4) Changes in federal estate tax laws or other state tax laws;
(5) Substantial changes in the value of your estate; and,
(6) Any changes in the nature of your property holdings. For example, your will may leave the farm to your son, and the ranch to your daughter, and half of the balance to your son and daughter. If you then sell the farm, your daughter will be left with more (the whole ranch plus one half of everything else) than your son (who would get only one half of the balance).
More Reasons for Will Updates – Additional reasons for will updates include the following:
(1) A guardian, executor, or trustee moves away, dies, or is no longer willing or able to serve;
(2) Your children are no longer minors, or are old enough to handle financial matters on their own;
(3) You move to another state; or,
(4) You wish to eliminate gifts to certain beneficiaries.
Plan ahead – for the sake of your loved ones.