Estate Planning involves more than just creating a Will or a Trust. As your life evolves, so should your Estate Plan. Your Will and/or Trust require regular review to ensure that they accurately reflect your current wishes and circumstances.
Updating Your Will and/or Trust Periodically or After a Life Change Can Protect Both Your Legacy and Your Loved Ones. By staying proactive, you can avoid unintended consequences in your Estate distribution.
The Following Events Require a Will and/or Trust Update
Your life can change significantly over time, affecting how well your Will and/or Trust serves its purpose. You should update your Will and/or Trust if you experience any of these Major Life Events:
• Marriage or Remarriage: Your new spouse might alter your current asset distribution plans. You may want to provide for your partner, for example, while protecting children from previous relationships.
• Divorce or Separation: Removing an ex-spouse from your Will and/or Trust becomes crucial.
• Birth or Adoption: New family members might become beneficiaries under your Estate Plan. You may need to name guardians for minor children, establish Trusts for their continued care and safeguard their inheritance while they remain minors.
• Death of a Beneficiary: Assets intended for a deceased beneficiary require redistribution to other beneficiaries. This important step will prevent parts of your Estate from falling into intestacy, which could necessitate costly probate proceedings.
• Significant Financial Changes: Inheritances or business purchase/sales can greatly impact your Estate Plan. You may need to address any new tax implications and/or include additional assets.
• Relocation to a Different State: Estate laws vary from state to state. Relocating to a new state often necessitates a review and amendment, or preparation of a new Will and/or Trust to ensure the continued validity and effectiveness of your Estate Plan.
• Relationship Changes: Estrangements from named beneficiaries, or reconciliations with loved ones who were not previously included in your Estate Plan, may prompt you to adjust your intended beneficiaries and bequests.
• Health issues: Significant health changes for you or your intended executor and/or successor trustee may require a reconsideration of your choices and an amendment to your existing Will and/or Trust.
Even without Major Life Events, reviewing your Will and/or Trust every three to five years is a good rule of thumb and helps to ensure that your Estate Plan still aligns with your current wishes/circumstances. An experienced attorney, like Natalie Wetenhall, can guide you through the process of updating your Will and/or Trust, navigating complex legal requirements and ensuring the continued validity and effectiveness of your Estate Plan.
Maintaining an up-to-date Will and/or Trust is a great way to demonstrate care for your loved ones and attention to detail in your personal and/or business affairs. This proactive approach will give you peace of mind, knowing your final wishes are memorialized and will guide your Estate’s distribution when the time comes.
