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Five Reasons to Amend/Update Your Estate Plan?

One of the powers typically stated in a Revocable Living Trust is the power to amend your Trust as long as you have the legal capacity to do so.  Other Estate Plan documents such as a Power of Attorney, Medical Directive, and Beneficiary Designations can also be amended at any time as long as you have capacity.  While you can amend your Estate Plan for any reason, there are five major life changes that should trigger a review of your Estate Plan to determine whether it still meets your desires, needs, and family situation.

  1. Have lost a spouse, parent, child, or other family member – You may need to update your trust, other estate planning documents and beneficiary designations to name new beneficiaries, successor trustees, and health care and other agents.
  1. Recently divorced – You will most likely need to update your trust, other estate planning documents and beneficiary designations to name new beneficiaries, successor trustees, and health care and other agents.
  1. Moved to a new state – You may need to update your trust and other estate planning documents to comply with the laws of your new state or simply retitle your new residence into the name of your trust.
  1. Purchased a second home – You may need to amend your trust or add a Qualified Personal Residence Trust to address what happens to the second home after death, or you may need to simply retitle your new residence into the name of their trust.
  1. Recently Married – You may need to update your trust, other estate planning documents and beneficiary designations to name new beneficiaries, successor trustees, and health care and other agents.

 

No matter what your situation, I can help.  Please give me a call to determine if you need to amend/modify your existing Estate Plan.

 

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