Reasons To Update Your Estate Plan- A Checklist

Have any of the following changes occurred in your life since you signed your will or trust? Answer the following questions to evaluate if you need to update your estate plan:

  • Has your marital status changed? Have you married or been divorced?
  • Have you had children, more children or grandchildren?
  • Have your children gone to college or moved out of, or into, your home?
  • Have relatives or beneficiaries or the executor/agent/trustee died or has your relationship with them changed and your will or trust does not cover this situation?
  • Has the mental or physical condition of any of your relatives or beneficiaries or one of your executor/trustee/agent changed substantially?
  • Have you moved to another state?
  • Have you bought, sold, mortgaged a business or real estate?
  • Have you acquired major assets such as a car, home, or bank account)?
  • Have your business or financial circumstances changed significantly (increase or decrease in estate size due to inheritance, pension, salary, ownership)?
  • Have any federal laws changed that might affect your tax and estate planning?
  • Do you have a trust that was drafted prior to 2013?

If you answered “yes” to any of the foregoing questions, it may be time to review your estate planning documents and to update your estate plan.  Review this checklist every once in a while to evaluate whether you need to update your estate plan.

Gita K. Nassiri | Attorney at Law/ CPA
2794 Gateway Road 
Carlsbad, CA 92009