When is it time to change your Will
Is your estate plan up-to-date? Many people are unsure of when to change a will and how to go about doing so.
Fortunately, the process isn’t as complex as many fear. Working with an experienced estate planning attorney is advisable to ensure that your assets are protected and wishes made known.
If you are interested in speaking to an estate planning attorney about updating or revising your will, please call Chayet & Danzo, LLC, at 303-872-5980.
Is It Time to Change Your Will, Trust or Estate Plan? It May Be If Any of the Following Circumstances Apply:
- You have recently married or divorced.
- You recently adopted or gave birth, or you lost a child, grandchild, parent or spouse.
- There was 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 that 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.
If you have any questions about your specific circumstances, please do not hesitate to contact our office to schedule a meeting with one of our lawyers.