#14 of 25 Common Estate Planning Mistakes – Life Events

Not Updating Your Estate Plan to
Reflect Life Events
Estate planning is impacted by life events (divorce, marriage, death of family member, birth of family member, substantial change in health, diagnosis of serious illness, change in financial circumstances) and needs to be revised accordingly. After a life event, you need to review your estate plan, including your trust agreement, to determine what needs to be amended to reflect the change. One of the benefits of a revocable trust is that it can be amended to reflect changed circumstances following a life event.