Generally speaking, it is wise to consider updating your estate plan every three years. Best case scenario no changes or minor changes are warranted. However, circumstances may arise where a codicil (amendment) to the Last Will and Testament or even a new Last Will and Testament is recommended.
Here are some common occurrences that may counsel in favor of updating an estate plan:
- The Testator (person writing the Will) has amassed substantially more wealth.
- The Testator has moved to/from another State.
- The Testator has not completed a Health Care Proxy/Living Will and now wishes to do so.
- The Testator’s wishes have changed as far as specific bequests are concerned.
- Individuals named in the Will (such as executors or Guardians) have changed or have died.
- The Testator and/or individuals named in the will have divorced.
- Additional children and grandchildren have been born.
- The Testator has new charitable gifts he/she would like to make.
- The Testator has remarried.
- The Testator’s Spouse becomes deceased.
Please keep in mind that this list is not exhaustive and is a guideline only. Each person is different and each estate plan is different.
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