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Top 5 Reasons to Reevaluate or Update Your Estate Plans

August 18, 2012 by Timothy P. Murphy Leave a Comment

Your estate plan is modifiable. This means that as your personal circumstances change, you can make changes to your estate plan to reflect the changes. Although there are many reasons to update or review your existing estate plan, here are the top five reasons.

  1. Marital Changes: If you divorce, you should update your will and other estate planning documents to remove your spouse as a beneficiary or executor. If your former spouse was the trustee of a trust for the benefit of your children, you should consider appointing someone else. Also review your estate plan after you first marry. You may also want to consider talking to your attorney about creating a prenuptial agreement to incorporate into your estate plan.
  2. Death: If you survive your spouse, you need to consider what happens to your remaining assets. This includes previously jointly titled property.
  3. Birth or Adoption of Children: If you were childless when you drafted your estate plan, you need to make changes to it to reflect your new additions. This includes your any biological additions or adoptions. Now is a great opportunity to consider appointing a guardian for your children.
  4. New Job or Unemployment: If you change jobs or face imminent unemployment, you should review your estate plan. Although unemployment usually means less money, you want to protect what you have and make changes to any pensions or 401(k) plans.
  5. Tax Laws: As Congress passes new tax laws or sunsets existing tax laws, you should make the necessary changes to your estate plan.

Experienced and qualified estate planning attorneys offer review services for new and existing client.

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Timothy P. Murphy

Timothy P. Murphy

Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
Timothy P. Murphy

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Filed Under: Estate Planning Tagged With: Estate Planning, Estate Planning Benefits, Estate Planning Documents, Estate Planning for Parents of Minor Children, Guardians for Minor Children

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Upcoming Seminars

    Previous Seminar Topics:

    • 8 Deadly Mistakes: How Clients Destroy Their Estate Plans and What You Can Do About It (June 2019)
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    • “Taking Care of Business: Planning Guide and Resources for Older Adults” (Carmichael Presbyterian Church, May 2017)
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