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Updating Your Estate Plan to Reflect Your Ever-Changing Life

Updating Your Estate Plan to Reflect Your Ever-Changing Life

Life is always changing. Chances are that after you've created your initial will or trust, your circumstances changed—you had more children, acquired more assets, or had a falling out with friends. Additionally, the law may change, making some of your estate planning outdated.

Your will or trust should be reviewed at least every three to five years; more often if there is a change in your finances or personal circumstances. You should consider amending your living trust if, for example:

  • You get married or divorced
  • You have, or adopt, a child
  • You become a grandparent
  • You move to another state
  • You are in bad health
  • Your financial status changes significantly—impending good fortune or experiencing financial setbacks
  • One of your trust beneficiaries dies
  • One of your named trustees dies or is incapacitated
  • There are changes in the law

You can change a living trust by having a lawyer write an amendment. You can completely rewrite the trust or just attach addendums to change assets, terms, or beneficiaries. The process is relatively quick and straightforward. Be diligent about reviewing your estate plan to ensure that your decisions and instructions are carried out exactly how you want.

Call Atlantis Law to speak to an experienced estate planning attorney to ensure that your trust is properly modified to reflect your changes in circumstances. Contact us today to schedule a free consultation.

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