When should you review your estate planning?

You should review your estate planning whenever there is a major change in family circumstances, financial circumstances or the law. Your lawyer should keep you updated as to changes in the law that may affect you. However, if you become aware of a change in the law that you think may affect your estate planning, you should not hesitate to contact your lawyer to review your plan.

1. You should also contact your lawyer to review your estate plan if any of the following situations apply.

2. You wish to make specific gifts to people not presently included in your estate plan.

3. You wish to remove people from your estate plan.

4. You wish to change the amounts that you leave to people named in your estate plan.

5. The value of your estate has changed significantly.

6. Your health or the health of anyone in your estate plan has worsened significantly.

7. A new child, grandchild, or other person you may wish to include in your estate plan has been born since the time of the execution of your estate plan.

8. Anyone named in your estate plan has been divorced or is experiencing marital difficulties.

9. You wish to name a different person than the person you originally named in your estate plan as executor, guardian or trustee..

If any of these situations apply to you, it is advisable to review your estate plan. Making changes to an estate plan is often a simple and not very costly procedure. Wills may be changed by the execution of a simple amendment called a Codicil. Trusts may also be amended without the necessity of drafting an entire new trust.