Wednesday, October 28th 2009
Changes that require reviewing your will, living trust or estate plan
Many people breathe a sign of relief once their estate plan documents are completed. However, many changes during the course of your life may affect your estate plan. If any of the following changes occurs, you should have a probate lawyer review its potential effect on your will, living trust, and estate plan to determine whether your estate plan should be revised. (NOTE: This is not an all-inclusive list.)
A. Changes Affecting Family and Personal Matters
1. Marriage
2. Separation from, divorce from, or death of spouse
3. Development of long-term, committed unmarried relationship
4. Dissolution of long-term relationship or death of domestic partner
5. Birth, adoption, maturity, marriage, divorce, or death of a child or grandchild
6. Death of a beneficiary
7. Serious illness or incapacity of spouse, domestic partner, child, or any other significant beneficiary
8. Significant change in economic status of spouse, domestic partner, child, or any other significant beneficiary
9. Significant change in relationship between you and any beneficiary
10. Significant change in your health
11. You change your residence to another state or country
12. Any change in relationship you and your executor, trustee, or guardian; incapacity, unavailability, or death of same
B. Changes in Your Financial Status
1. Significant change in your income, net worth, or nature of assets
2. Disposal of specific assets mentioned in will
3. Change in your employment
4. Change in your business interests: new partnerships or corporations; dissolution of partnerships or corporations
5. Acquisition or disposal of property in a different state or country
6. Retirement
If any of the above changes occur, make an appointment with an estate or probate attorney. We can help you make sure your changed circumstances are reflected in your will, living trust, and estate plan. Please be sure to visit www.criderlaw.net, the website for the law firm of Crider Law PC for more information on estate planning and probate from our Nevada City, California probate lawyers.
View other articles for: Estate Planning