No matter how carefully your Will is crafted, it's impossible to predict future life events. Life events that could give cause for the need to revisit, and amend or re-draft your Will.
Here is an outline of some events and life changes that may require having a qualified attorney review your existing Will with you.
- Change in marital status. Marriage, divorce, or having a domestic partner who would not be entitled to receive a share of your estate under laws of intestacy.
- New children/grandchildren, either by birth or through adoption.
- A child who has reached the legal age of majority, and no longer needs to have a custodian under UTMA.
- Moving to a new state.
- Death or change of relationship with a beneficiary. Perhaps one has become estranged, or has developed issues with substance abuse, gambling, etc.
- Death or change with one or more fiduciaries. A nominated Personal Representative may no longer be able or willing to serve, or is no longer someone you wish to have in such a capacity.
- Changes in status of guardians/conservators. Are these persons still appropriate for those roles?
- Changes in real property ownership. You bought a new home or vacation property, or sold the like.
- Changes in financial situation. Increase/decrease in earnings, retirement, public assistance, new health expenses, etc.
- Changes in asset valuation. Large estate assets, like real property, investments, valuables, can fluctuate, affecting how you may wish to distribute them after you die.
- Opening/closing a business venture.
- Changes in tax laws.
- Changes in state laws that may impact your estate planning wishes.
- More than 5 years have passed since your present Will was signed.
- Changes of heart/mind. You may simply wish to distribute your assets in ways that differ from your intentions when your existing Will was signed.
This list is by no means complete, and there may be other factors that could trigger the need to revisit your estate plan. If any such life event arises, or if you are just in doubt, it may be a good idea to review your Will with a qualified estate planning attorney.