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Changing an Estate Plan

How hard is it to make changes?

Changes can be simple

KEEPING YOUR ESTATE PLAN CURRENT

Once you have made an estate plan, it is important to keep it current as situations in your life evolve. Wills and revokable trusts are straightforward and easy to update.

It is not difficult or expensive to make changes. It will all depend on the complexity of your changes, but for the most part, it is a painless process.

For simple changes, it is often just a one-page amendment to your existing estate plan. 

For more complex changes – for example, it has been many years since you have updated your estate plan or multiple, large-value assets have changed hands, we may recommend a full replacement. 

How often should you revisit your plan?

3-5 YEARS AS A RULE OF THUMB

It’s not a bad idea to revisit your estate plan every 3-5 years to make sure your plan is doing what you want it to do. 

Major life changes also warrant taking another look at your plan. 

Major life changes include:

  • Divorce
  • Children growing up
  • Incapacity
  • Changing who receives assets
  • Updating who acts as your agent

When in doubt, speak with an experienced estate planning attorney and they will advice on whether a change makes sense or not. 

Changing a Plan : Video

MAKING CHANGES ISN’T AS HARD AS YOU THINK


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