Many people have executed a will, trust(s), health care designation documents, and/or powers of attorney, and put them in a “safe place” for when they’re needed.
It is best to review these documents periodically for general assessment, and additionally upon the occurrence of particular events, including the following:
When any of your heirs or beneficiaries pass away;
When your Executor or any of your Trustees pass away;
When your health care designee or designee named in your power of attorney passes away;
When you marry or divorce;
When a child or beneficiary of yours marries or divorces;
When your children and grandchildren are born;
When you move to another state or country;
When you buy or sell real estate or make new investments;
When you or your spouse inherit property;
When your assets significantly increase or decrease;
When a co-owner of property with you passes away;
When you or an heir or beneficiary experience significant health changes.
Any of the occurrences listed above, as well as other life-changing events, can change the effect of your estate planning documents, or cause you to reconsider some terms of your documents and some designations of beneficiaries, fiduciaries or appointees.
It is important to make sure that you understand your estate planning documents in order to make meaningful changes as life changes occur.