Home > Trusts > Top reasons to make or change your estate plan
Posted on September 22, 2009 by John Hugg
- The birth or adoption of a child.
- A child(ren) having reached the age of majority who may now be able to assist in your estate plan as an executor, trustee, or act on your behalf under a power of attorney.
- A power of attorney that addresses only financial issues and not health care decisions.
- A power of attorney that does not have language that complies with the Health Insurance Portability and Accountability Act.
- A Living Will/Health Care Directive that no longer addresses all the relevant issues surrounding life sustaining treatment.
- The desire to provide for grandchildren.
- The potential for one spouse to require continuing care either at home or in an assisted living facility.
- The acquisition of assets located outside the State of Washington, such as a second home.
- Death of a spouse, sibling or other beneficiary.
- An increase in assets or the value of those assets that can cause an estate tax issue.
- An outdated estate plan developed for tax reasons that no longer apply.
- The need/desire to change the guardianship provisions in your Will.
- The desire to leave a business to your children.
- Changes in the law. For instance, the federal estate tax rules have changed almost every year of this decade.
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