- Deaths, Disability, or Other Changes in the Family
You should consider whether the individuals named in your planning documents such as medical powers of attorney, durable powers of attorney, wills and/or revocable trusts, have died. While a well drafted plan will include provisions that provide for an alternate distribution of your assets or an alternate executor, for example, if people in your plan have passed, you should consider updating your documents to make sure they cover your life as it is now. Other changes can trigger a need to change your plans. The person you named as executor may have moved across the country. Additionally, a person named as an agent, trustee, or executor may have become disabled physically or mentally. A child may have developed an issue with drugs or alcohol, and you need to remove the child as an alternate agent under your power of attorney or establish a trust for them to prevent them from squandering their share of the estate. All are good reasons to revisit your plan and make changes.