Wills need to be reviewed regularly and updated as needed because people's lives and federal estate tax laws can change. Below is a list of common situations in which the review and/or revision of a will are recommended:
1. If a will has not been reviewed during the past three to five years.
2. After a major change in federal and/or state estate tax legislation.
3. A significant increase in net worth (e.g., receipt of a settlement or an inheritance).
4. A move to a primary residence in a new state.
5. The birth or adoption of a child or grandchild.
6. A change in marital status: marriage, separation, divorce, remarriage, or death of a spouse.
7. The death or a serious illness of the executor.
8. The death or a serious illness of an heir.
9. Diagnosis of a terminal illness.
10. A change of mind about executor(s), guardians(s), and/or heirs named in a current will.
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