Massachusetts and New Hampshire estate plans, wills, trusts, and the like need periodic maintenance, just like a lot of things in life. Admittedly, they do not need constant maintenance like a car, boat, or house, but you cannot forget about it once you create one. As time passes things change in your life, and in order to properly carry out your wishes, you sometimes have to make changes. Below you will find some common reasons for updating an estate plan or will.
- Birth or death of a Beneficiary or Fiduciary.
- Divorce or Marriage.
- Change in the Law or Tax Law.
- Moving to a new state or change of permanent residence.
- A sudden increase or decrease in assets.
- Purchasing or Selling a Business.
- Beneficiaries reaching the age of majority.
- Planning for an estate of a person who is reaching the age of 70 ½.
- Disability or Illness.
- A substantial passage of time.
The list above illustrates some common reasons for updating your estate plan in Massachusetts and New Hampshire. A good rule of thumb: if you feel like your estate plan needs some updating, it probably does. At the very least, you could talk to an experienced attorney who can confirm whether your current estate planning documents will satisfy your final wishes.