Estate planning is not a one-time job. There are a number of changes that call for a review of your plan. Take a fresh look at your estate plan if:
* The value of your assets changes significantly.
* You marry, remarry, or divorce.
* You have a child or new grandchild.
* You move to a different state.
* The executor of your will or the administrator of your trust dies or becomes incapacitated, or your relationship with that person changes significantly.
* One of your heirs dies or has a permanent change in health.
* Your children reach age 18.
* The laws affecting your estate change.
You’ll probably need to update your will several times during the course of your life. Things change as time passes. For example, once your children are grown and have their own families, you may want to make provisions for grandchildren. When you make a new will, be sure to destroy the old one after the new one is signed, dated, and witnessed. You can also update your will by adding a codicil – an addition or change. If you add a codicil to your will, make sure it is witnessed, signed, and dated, and attached to all copies of your will. Consult an estate attorney for advice specific to your situation.
The above information is an excerpt from an article entitled Life Advice About….Estate Planning published by the Federal Citizen Information Center. The full article can be found here.
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