When is it time to change your Will?

When is it time to change your Will?

• You have recently married or divorced.
• The birth or death of a child, grandchild, parent or spouse.
• A change in whom you want to name as a trustee or personal representative or guardian.
• You have minor or disabled children or grandchildren and you don t have a will which names a guardian or creates a trust.
• You have a parent who is disabled and there has been no planning for long-term care.
• Your estate has increased in value, or you have inherited property, but you have not provided for any estate tax planning in your will.
• You have moved from a community property state to a common law state, or you have moved from a common law state to a community property state.
• You have a disabled spouse and you have not provided for a trust, or a trust in your will.
• You have remarried and you have children by a prior marriage and/or children by a second marriage.
• You have adopted a child, or your child has adopted a child.
• There has been a change of ownership in the family business.
• Your child has filed for divorce or bankruptcy.
• You have an estate subject to federal estate tax and your will uses a pre-1981 marital formula clause.
• You have purchased or sold property that was specifically devised in your will.
• You have acquired assets in another state that you have not placed in a trust.
• A loved one has entered or is about to enter a nursing home.
• You need to take advantage of the new family estate tax business exclusion; or you are contemplating making significant gifts to your children.