Have you waited too many years to update your will or trust? How do you know if you have waited too long to update your will or your trust? These are the changes that should make you think about updating your will or trust:
Family Changes:
1. A death of a spouse, child or other beneficiary of your will/trust;
2. A birth in the family;
3. A divorce/separation (or a close possibility of one) in the family;
4. A marriage in the family;
5. A child has reached the age majority (18);
6. Adoption of a child or grandchild.
Financial Changes:
1. A substantial increase in the size of your estate (i.e. an inheritance);
2. A substantial decrease in the size of you estate;
3. Gifts of over $14,000 to any person;
4. Lawsuits and/or Judgments against you;
5. Depletion of a specific gift you had previously left in your will/trust;
6. A change in financial responsibility of a child or grandchild;
7. Acquisition/disposition of a business partnership or corporation.
Health Changes:
1. A serious illness or deterioration of health of either spouse;
2. A serious illness of a child or grandchild who is a beneficiaryof your will/trust;
3. Disability of a child or beneficiary.
Other Changes:
1. Death of an executor or trustee;
2. A change in your relationship with your executor or trustee;
3. If you have not reviewed your will or trust since 1986 for changes in the tax rules.
4. An expiration of your Power of Attorney documents (pre-1992 documents generally expired in 7 years from signing.
If you need personal assistance regarding creation of trusts for children or grandchildren, private appointments are available at our law office.Mina N. Sirkin and Evan R. Sirkin are partners at the Law Offices of Sirkin and Sirkin. Sirkin and Sirkin has several office locations available throughout Los Angeles and Orange counties. Their practice is limited to estate planning (Wills, Trusts and Probate). To reach them by telephone, please call 818. 340. 4479. Visit us at Los Angeles Living Trust Attorneys. http://SirkinLaw.com
