Top 10 Reasons You Might Need to Update Your Estate Plan

Apr 12, 2019

Top 10 Reasons You Might Need to Update Your Estate Plan

Have you reviewed and updated your estate plan in the past 3 years?

Below is a checklist of events that may prompt you to update:

____ The individuals you have named are deceased.
____ New people should be named in your will (e.g. birth, adoption).
____ Divorce or marriage.
____ New state laws. You need to periodically check to see whether your state has enacted new laws that impact your estate planning documents. More importantly, if you move to a different state, don’t assume that your will made in your previous state conforms to the requirements of your new state. Each state has its own legal requirements for making a will.
____ Change in guardians, personal representatives, or trustees.
____ Children reach the age of eighteen.
____ A substantial increase or decrease in the value of your estate.
____ The acquisition or disposition of a significant asset.
____ You should see an attorney about reviewing and updating your estate plans prior to reaching 70 1/2 years of age if you have an IRA, 401(k), or another qualified plan that requires you to begin to take distributions at age 70 1/2. The beneficiary that you designated will have an irrevocable impact on both your and your beneficiary’s required distributions.
____ The passage of time is reason enough. You should review your will and estate planning documents every three to five years.

 

Call The Hayes Law Firm to schedule your Estate Plan Strategy Session/Review! (626)403-2292

Schedule an Estate Planning Consultation with an experienced attorney TODAY!

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