You've signed your will and your trust. Nothing to do ever again, right? Not exactly. There are at least seven good reasons to update your will or trust. It is especially important whenever there are major changes in your life or in the lives of your beneficiaries. For example: 1. If a beneficiary, executor or trustee dies or is incapacitated. 2. If you marry, separate or divorce. 3. If a child or grandchild is born. 4. If you want to add or delete a beneficiary. 5. If your health changes significantly. 6. If your financial situation changes substantially. 7. If you have a traditional will and your assets now exceed $100,000. All of these are good reasons to review your estate plan. Simply the passage of time may cause you to change your thinking about your plan. Remember, it is your plan and should always reflect your wishes at any given time. |