Different Times When You Should Update Your Will

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Different Times When You Should Update Your Will

Creating a Will or Trust is an important step toward making estate administration easier on your loved ones when you die. Of course, it will also help ensure your goals will be met and your wishes carried out. Pat yourself on the back for completing your estate plan. However, don’t make the mistake of finishing your estate planning and checking it off your list permanently.

A well-crafted estate plan will include some flexibility and cover certain contingencies, so you should not need to rush to get your documents updated immediately. However, there are still several life events that, when they occur, should have you contacting your estate planning attorney to review and possibly update your documents. These include the following:

  • The birth or adoption of a first child
  • Change (or anticipated change) to your marital status
  • A child or other beneficiary struggles with mental health or addiction issues
  • The death or incapacity of a beneficiary
  • The death or incapacity of your named executor/personal representative or trustee
  • A beneficiary is financially irresponsible
  • A minor beneficiary is now a responsible adult
  • A child or other beneficiary gets married
  • There are new important people in your life whom you want to include in your estate plan
  • You purchase real estate in another state or country or move to another state or country
  • Your relationships with your named executor/personal representative or trustee changes
  • Your relationships with children or other beneficiaries change
  • Your financial situation changes significantly
  • You have questions about whether recent tax law changes or probate law changes could impact your estate

If any of the above situations apply to you, or if it has been more than five years since you reviewed your Will or Trust, contact The Estate Planning & Legacy Law Center today! We can help you make sure your plan is still designed to do what you want it to do – no matter what life throws your way.