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Change Affects All of Us, Especially Our Estate Plans
 Heraclitus of Greece, an ancient philosopher, once said, "There is nothing permanent except change."
Even though things are constantly changing, many people still try to prepare for tomorrow by regularly completing routing tasks today. Why should updating a will be any different?
Your will reflects the time when it was created. Many people plan to update their wills but often fail to do it. You can always change your will by adding a codicil (an amendment), but how do you know when to change it?
Here are some circumstances that make it vital to update your will:
- The estate tax laws have changed. A cloud of uncertainty lingers over the federal estate tax, which diminishes in size for the remainder of the decade and is scheduled to disappear in 2010 ... although future legislation may not allow it to disappear entirely.
- You want to name a different personal representative, trustee or guardian.
- You've moved to another state.
- Your situation or a beneficiary's situation has changed. Families change due to marriage, divorce, birth, adoption and death.
- You wish to include a charitable bequest in your will. If you wish to remember the organizations closest to your heart, consider bequeathing a gift of cash, real estate or life insurance.
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