There are six reasons for updating an existing Estate plan:  (1) A change in marital status;  (2) A change in the number of beneficiaries;  (3) A change in the status of a beneficiary;  (4) A substantial change in your net worth or assets;  (5) A change in trustees or fiduciaries; and (6) Moving to another location.  Other reasons indicating a need to update your estate plan include: (1) Did a loved one pass away;  (2) Has your health deteriorated substantially;  (3) Have you recently been married, or divorced; and (4) has contention developed between you and anyone close to you, particularly executors or beneficiaries.

Certain problems can arise in Estate Planning such as:  (1) Attempting to establish an estate plan on our own. Do-it-yourself plans do not work for those with more sophisticated and complex situations.  Even if you have a simple estate be careful of internet do-it-yourself kits;  (2) Adding joint names to accounts and real estate holdings; (3) A second marriage with children from a prior marriage; and (4) Failure to properly provide for minor and/or special needs children.

Even with a minimal amount of assets and significant debt an estate plan is still just as important.  Such a plan should provide for minor children, such as designated guardians, and should include life insurance, a will, a living will, a general durable power of attorney, and, a durable power of attorney for health care as well as a living trust.

Be cautious of attornies claiming to be estate planning experts.  Very few are and most are general practitioners.  Our firm only specializes in estate planning and asset protection.  We have done so for over 38 years.