Colorado Estate Planning Blog

Wednesday, July 20, 2016

Common Estate Planning Mistake #3 – An Outdated Estate Plan

An outdated will can be as problematic as the lack of a will for an estate. That’s because outdated wills can identify personal representatives or beneficiaries who have passed away (or who are estranged); they can name assets no longer owned by the decedent; etc.

These documents, along with the rest of your estate plan, should be reviewed at least every three to five years–more often if there is a change in the law, your finances or personal circumstances. The following important developments may require action on your part:

  • The individuals you have named are deceased
  • New people should be named (i.e. birth, adoption)
  • Divorce or marriage of you or a beneficiary
  • New state, federal or tax laws
  • Changes in guardians, personal representatives, trustees
  • Children reach the age of 18
  • Substantial increase or decrease in the value of your estate
  • The acquisition or disposition of a significant asset

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