After further review: Why you need to review your plan

By Jonathan Frank, Guest columnist Recently there have been ads on TV with the headline “Life comes at you fast.” While these ads show humorous situations, they make a valid point: life does come at us fast. We have no idea what God has in store for us, but we can be good stewards and […]

By Jonathan Frank, Guest columnist

Recently there have been ads on TV with the headline “Life comes at you fast.” While these ads show humorous situations, they make a valid point: life does come at us fast. We have no idea what God has in store for us, but we can be good stewards and turn our earthly treasures into eternal treasure.

Unfortunately, we don’t always keep up with the important details that should accompany significant changes in our lives, like updating wills and estate plans. Your plan should always be tailored to your current life situation—not the one you faced twenty years ago, or even just last year.

Here are some life events that should prompt you to review your will:

Death of a spouse–the last thing you want to think about is changing your will at a time like this. As things return to normal, think of your family and charities.
Marriages—make certain that your new spouse is provided for as you wish.
Divorce—each state treats the impact of divorce differently. No matter where you live, you should make a new will after a divorce.
Birth of grandchildren—if you want to leave them something, you’ll need to make a new will.
Change in asset values—if you leave all your property to one person or organization there’s no need to change your will as your earthly treasures change in value. However, if you’ve designated specific gifts of property that you no longer own, you need to change your will to avoid leaving the intended beneficiaries, including charities, nothing. If you obtain new property and want to leave it to someone, update your will to make your wishes clear.

Jonathan Frank serves as a Board Certified Specialist in Estate Planning and Probate Law near Charlotte, North Carolina. Jonathan focuses his practice on advanced issues in estate planning, probate and elder law.