10 Reasons to Update Your Estate Documents

By Donald Loose

  1. Your marital status has changed (because of marriage (or re-marriage), death, or divorce)
  2. Your kids have turned 18 and are now able to serve as your lawful agents (e.g., personal representatives, trustees, health care agents, and attorneys-in-fact)
  3. The person you named as your personal representative, successor trustee, health care agent, or attorney-in-fact has died, moved, or is now unable to serve
  4. Your health care wishes have changed and your directives need to be updated
  5. You wish to add beneficiaries (such as grandchildren), or to change existing bequests in your will or trust
  6. You executed your trust before the adoption of the Arizona Trust Code in 2009 and your trust needs to be updated to reflect the law’s changes
  7. Your estate documents were executed in a different state
  8. You’ve acquired investment property or a business interest since executing your estate documents
  9. Your existing A-B Trust is no longer appropriate after the last major federal estate tax law changes
  10. The value of your estate now exceeds the estate tax exemption amounts