How Often Should I Update My Will or Trust?
A will is an essential legal document that allows you to plan for the distribution of your assets and property after you pass away. However, many people make the mistake of assuming that once they create a will or trust, it is set in stone and does not need to be updated. Your will or trust should be reviewed and updated periodically to ensure that it accurately reflects your wishes and the current state of your life. I will provide you with some information to help you understand how often you should update your will or trust and why it is important to do so.
Why is it Necessary to Update Your Will or Trust Regularly?
There are several reasons why this is important:
- Life Changes: Life is unpredictable, and many things can change over the course of a few years. You may have new children or grandchildren, or you may lose loved ones who were named as beneficiaries in your will or trust. You may acquire new assets, such as property or investments, or you may sell or dispose of existing ones. All of these changes can impact how you would like your assets distributed, and it is essential to ensure that your will or trust reflects your current wishes.
- Legal Changes: The laws that govern wills and trusts can change over time, and it is important to ensure that your documents follow current regulations. Failure to do so could result in your assets being distributed in a way that you did not intend.
- Financial Changes: Changes in your financial situation can also impact your will or trust. If you experience significant changes in your income, assets, or debts, it may be necessary to adjust your estate plan accordingly.
How Do You Know When it is Time to Update Your Will or Trust?
Here are some common life events that may trigger a need to review and update your estate plan:
- Marriage or Divorce: If you get married or divorced, you may need to update your will or trust to reflect your new spouse or changes in your beneficiaries.
- Birth or Adoption of a Child: If you have a new child or adopt a child, you may want to update your will or trust to include them as a beneficiary.
- Death of a Loved One: If a beneficiary or executor named in your will or trust passes away, you may need to update your documents to reflect this change.
- Retirement: If you retire or experience a significant change in your income, you may need to update your estate plan to reflect your new financial situation.
- Moving to a New State: If you move to a new state, it is important to review your will or trust to ensure that it complies with the laws of your new state.
Judy Oxford Can Help You Update Your Will or Trust
Your will or trust is a crucial document that should be reviewed and updated periodically to ensure that it accurately reflects your wishes and the current state of your life. It is always a good idea to consult with an experienced estate planning attorney like Judy Oxford to ensure that your will or trust is up-to-date and legally valid.