DLO / Tuesday, September 24, 2013 / Categories: Springfield Business Journal Article, Blog Post Do You Need to Update Your Estate Plan? Below you will find a number of statements. A positive answer to any of them may indicate a need to review your estate plan. Specific Bequests: I would like to make specific bequests to individuals not presently included in my plans -- or delete bequests to person(s) currently named. I would like to change the amounts of some of the bequests I have made. Changes in Valuation: The value of my estate has changed more than 20 percent since I executed my will. Special Provisions for Children: My health (or my spouse's or children's health) has deteriorated substantially since I executed my will. Newly Born or Adopted Children: A child (grandchild) has been born (or adopted) since I executed my will. Disabled on Incompetent Children: A child (grandchild or other dependent) has become disabled or seriously injured since I executed my will. Status of Family Marriages: A member of the family has become divorced or separated since I executed my will. Cancellation of Loans to Children and Equalization of Inheritance: I would like to discharge an obligation owed to me by canceling the loan in my will. I would like to provide a clause to equalize any gifts made in the past (or to be made in the future) to certain children (grandchildren). Life Insurance: I have added (or dropped) life insurance since I executed my will. I have changed (or would like to) a beneficiary designation on an existing policy. I feel I may need more life insurance, but I don't know how much to purchase or what type to consider. Gifts to Minors: I would like to make substantial gifts to minor children (grandchildren). Gifts to Charities: I would like to add (delete) one or more beneficiaries. I would like to change the amount of my bequest to certain charities. Business Interests: I have entered into a stock (partnership) buy-sell agreement since I executed my will. My business situation has changed significantly since I executed my will. I have changed my mind regarding who should take over my business in the event of my death or disability. Guardian, Executors and Trustees: I would like to name a particular person as advisor to my executor and trustees. I would like to reconsider the designation of the guardians, executors, and trustees I have named. I would like to know how the latest tax law affects my estate plan. Previous Article What Happens Legally When Someone Dies? Next Article Business Essentials Print 4113