Health issues and remarriage might prompt you to update your will, but be aware of other life changes that require a review of your estate plan, say experts.
Clients should review their wills and powers of attorney every five years, said CFP Michael D. Whitty, an estate planning attorney with Freeborn in Chicago. He said documents should also be reviewed when these events occur:A change of parental status, typically the birth of the first child, as most wills have language that will automatically include any children born or adopted after the date of the instrument.
Changes in a family member's situation, such as if a child develops special needs and will need appropriate planning"An overlooked trigger to updating your will is all the consolidation in the banking industry," said Herzberg."If you named a bank as the executor of your estate and your bank has been bought or sold recently, you may now have a new executor.
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