Do I Need to Update My Estate Plan? A Checklist

Ask yourself if any of these changes have occurred in your life since you executed your will or trust.

• Have you married or been divorced?

• Have relatives or other beneficiaries or the executor died or has your relationship with them changed substantially and no provision is made in your will or trust for this contingency?

• Has the mental or physical condition of any of your relatives or other beneficiaries or of your executor changed substantially?

• Have you had more children or grandchildren, or have children gone to college or moved out of, or into, your home?

• Have you moved to another state?

• Have you bought, sold, or mortgaged a business or real estate?

• Have you acquired major assets (car, home bank account)?

• Have your business or financial circumstances changed significantly (estate size, pension, salary, ownership)?

• Has your state law (or have federal tax laws) changed in a way that might affect your tax and estate planning?

When you do update your estate plan, you should also update your final instruction and will with the addresses and phone numbers of beneficiaries, trustees, executors and others mentioned in estate planning documents. It will make settling the estate much easier.