Amendments to Your Estate Plan
Life is full of expected and unexpected turns, which may lead to a need to amend a will or trust.
Reviewing your estate plan regularly is a good idea, particularly after significant life events occur to either the people in your life (marriages, divorces, deaths, etc.) or the assets in your estate (inheritance, losses, new homes, etc.). Life is full of expected and unexpected turns, which may lead to a need to amend a will or trust.
Sullivan Law is happy to amend your plan, regardless of who drafted it. You do not need to go back to the original drafting attorney to have your plans updated. Call today to get a quote.
Checklist of Changes Requiring Review of Will or Estate Plan
If any of the following events occur, you should request that we review the potential effect on your will or estate plan to determine whether an amendment or revision is needed. (This list is not an all-inclusive list.)
Changes in Family Relations
- Marital separation or dissolution
- Death of a spouse
- Marriage of a single person
- Changes regarding a child or grandchild or other beneficiary
- Birth of a child (within wedlock or not)
- Marriage of a child
- Marriage dissolution of a child
- Adoption of a child
- Illness of a child
- Death of a child
- Economic change: Good or bad fortune
- Attitude change toward testator/trustor
- Change in level of responsibility (finance, drugs, lifestyle, etc.)
Changes in Your Economic or Personal Condition
- Asset values – increase or decrease
- Change in insurability – health, life, disability, long-term care
- Change in employment (esp. change in benefits)
- Change in business interests – new partnerships or corporations
- Property acquired in a different state
- Change in health of client or spouse
- Retirement from business or profession
External Changes
- Changes in laws; state and federal income, estate or gift taxes; property; trusts; probate
- Change of residence to a different state
- Death, disability, or relocation of executor, successor trustee, agent, or guardian