Eight Reasons To Update Your Estate Plan

An estate plan should accurately reflect your life — your family, your assets and your personal beliefs. Any time there is a meaningful change in your life, your estate plan may need to be changed.

Below are some of the most common reasons to update your estate plan.

1. A Change In Marital Status

If you get married or divorced, you will want to update your estate plan to include or exclude your new/former spouse.

2. A Birth Or Death

If a beneficiary — such as a child or grandchild — is born, adopted or passes away, an update may be necessary. In addition, if the person you named as fiduciary, power of attorney or trustee passes away, an update is needed.

3. A Change In Financial Status

If you've accumulated a lot of wealth through an inheritance or other means or if your wealth has declined, you should re-examine your estate plan to be sure it still makes sense and achieves your goals.

4. Age

If your children were minors when your will was set up, but have since reached the age of 18, it's time to update your estate plan.

5. An Illness Or Disability

If you, your spouse, one of your children or another beneficiary, or someone you named as a fiduciary has developed an illness or disability, your plan needs to be updated. A special-needs trust may be required to ensure that a disabled loved one is cared for, and new fiduciaries may need to be named.

6. A Change In Relationships

As time passes, relationships change. You may no longer have a close personal relationship with the person you named as personal representative, power of attorney or other fiduciary. If this is the case, it is time to update your estate plan.

7. A Purchase Or Sale Of A Business

If you've purchased a business, your estate plan should include succession planning documents. If you sold your business, your current estate plan may no longer be relevant.

8. A Recent Move

Anytime you move to a new state, you should have a lawyer review your estate plan to ensure that it complies with local laws.

Contact Gregory R. Shettle, LLC

If you've experienced any of the above or have had another major life change, contact Attorney Greg Shettle. He will sit down with you, discuss your situation, review your estate planning documents and make any necessary changes to ensure that your plan reflects your goals. Call 860-430-1200 to get started. Located in Glastonbury, we serve clients throughout central Connecticut.