Is It Time to Update My Estate Plan?

I am often asked what are the events that should make one update an estate plan. Here are my general guidelines:

Marriage or Divorce of you, your children, grandchildren or business or life partners;
Contemplation of Marriage, especially second marriages, Registered Domestic Partnerships or Divorce;
Birth of children or grandchildren;
Death of a spouse, children, grandchildren or business or life partners;
Serious or life threatening illness of you, your children, grandchildren or business or life partners;
Disability of you, your spouse, a parent, sibling, child, grandchild, or a dependant or handicapped dependant that may require special considerations or a special needs trust;
Substantial change in your personal estate size, whether increased or decreased;
Before any significant business or personal litigation;
On any significant change of assets or interests;
Especially on any major change in the estate tax laws! Like we just had in 2012.

These things do not all require updating your estate plan but any of them should cue you to seek legal counsel.