How To Update Your Estate Plan

Jun 25, 2010

Regular maintenance of your estate plan includes updating your Will, Trust and other legal documents that name beneficiaries. You should review your estate plan at least once a year and when major life events occur such as marriage, divorce or a new child.
Changes to these documents need to be executed the same way as the original version.

Do you have a 401K, Pension Plan, Life Insurance Policy, or other financial account? You must maintain and update the beneficiary forms for these assets regularly to reflect any beneficiary changes. You cannot rely on your Will or Trust to transfer these assets to your intended beneficiaries upon death.

Changing your Will or Living Trust is a more complicated process than changing a Pension Plan or Life Insurance Policy beneficiary, and how you change it will depend upon how the original document is executed. To change these documents, talk to your estate planning attorney.

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