Change an Estate Plan: A List of Good Reasons

Change to an estate plan happens for many reasons. Many people wait until it is to late. Luckily, Minnesota laws support a change to an estate plan when the the grantor or testator is of a sound mind. Assuming this is true, there is no better time than the present.

That said, here are a few reasons why people make revisions to their estates:

  • Births or Adoptions,
  • Deaths,
  • Divorces to Guardians or Personal Representatives,
  • Marriages,
  • New feelings towards Guardians, Trustees, and Personal Representatives,
  • An increase in the composition of an estate or an expected inheritance,
  • Updates to state residence, and
  • Changes in Minnesota or Federal laws. 

When to Think about Change?

Look, many of us see a doctor once a year. Many of us see a dentist a couple times a year. Many of us meet with our accountant once per year. Well, revisiting our long term affairs requires our attention too.

The holiday season is a great time to reconnect with extended family. But, I like the idea of doing a deep dive on one’s estate plan around the same time we file our tax returns. For some this is far too late. For others, it is just right.

As a result, trust that distant voice. The right time is right now.