When should you amend your will or trust plan?

CHANGES HAPPEN – often unexpectedly.

Life moves fast and procrastination can harm you and your loved ones. When certain circumstances change, you should amend your will or trust plan.

When you signed your will or trust plan documents, it reflected your circumstances at a specific point in time. Yet, you know that your life changes continually—often in unexpected ways. Some are good and some are not so good.

If you haven’t had your will plan or trust plan reviewed since 2012, or if any of these 7 circumstances apply to you, then it’s essential to contact your attorney to help you get back on track.

When Any of These 7 Circumstances Occur, You Should Amend Your Will or Trust Plan:

  1. Death of a spouse, divorce, or re-marriage of a spouse.
  2. Birth, adoption, or death of a child or grandchild.
  3. Good or bad changes in financial status.
  4. Starting or ending a business.
  5. Change in personal or family circumstances, such as the need to replace trustees, address disabilities or addictions, moving to a new state, etc.
  6. Change in your will or trust planning goals, such as changing amounts or percentages of inheritances, adding or removing a charity, etc.
  7. Changes in tax law or location. It’s not just changes in your life that you need to think about. Congress, the courts, and the legislatures are constantly changing the rulebook. When you move, it’s time to determine if the law of the other state might provide you with additional of different benefits.

How Often Should You “Check In” On Your Will or Trust Plan?

If you have experienced a significant life change since you signed your will or trust documents, or if it has been two or more years since you evaluated your plan, then we can help you to evaluate your plan. Please call Carlson Law Office, LLC, at 303-775-1112, to schedule a “Review Conference.” We’ll help you determine whether your will or trust plan needs to be updated or amended.

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