Chapter 23: Changing Your Mind
Changing, Adding to, or Revoking Your Will or Trust

James willed his beloved, specially equipped Aston-Martin convertible to his son, with whom he’d tinkered with cars for most of the boy’s childhood. But by the time he died, he’d replaced that car (which had been totaled in a spectacular crash) with a different model. But James failed to make that change in his will. As a result, the car he owned at the time of his death was included in the rest of his estate, which went to his second wife, who was estranged from James’s son. James’s son wound up with no car at all.

Life does not stand still, and after you’ve crafted your initial estate plan, your circumstances are likely to change--you may have more children, acquire more assets, have a falling out with friends. Your children will grow up, you and your spouse may split up. And the law may change, making some of your estate planning obsolete, or even counterproductive.

Most of these life changes will also occasion a change in your estate plan. So it’s a good idea to review your will and your inventory of assets and recipients at least once a year to make sure everything is accounted for. Remember that this area of the law differs, often drastically, from state to state, so it’s especially important to check -- or have your lawyer check -- how your state’s law covers each of these procedures.

Jog That Memory

To remind yourself to review your estate plan every year, you can pick a certain day, like your birthday, the Fourth of July, Guy Fawkes Day or some other date that will jog your memory.