Once is not enough when it comes to your estate planning documents. Will and Trust instruments should be updated once every three (3) to five (5) years. Learn more about if you need a Will. Learn about the benefits of a Trust. An attorney can help you decide what the best type of instrument is for you and ensure that they are well maintained.
Here is what you should you be updating in your estate documents:
Who has passed away?
One key area when updating your will or trust instruments is making sure that everyone who is named is still living. For example, is your executor or trustee still alive. If not, it is imperative that you name someone else. Next, you will want to make sure that your beneficiaries are still alive. If they have passed away make sure that you reassign their gift.
Have your assets change?
Over the course of three years, you may have sold some of your possessions or assets and acquired new assets. You will want to make sure that your estate planning documents reflect your assets as they are now.
Has there been a change in circumstance?
Sometimes relationships change. Maybe the person who was going to be the guardian of your minor child is no longer in good health and caring for your child would be a strain. Sometimes a relationship is repaired and you want to write an individual back into your estate. In addition to a change in circumstance, life also evolves. For example, your minor child may have reached the age of majority and therefore you no longer need to worry about guardianship. You child may have become a real estate executive and so now you would prefer that instead of your property being sold it be left to your new real estate mogul. There are many instances in which there is strictly just a change that may affect how you would like your estate to be handled.
Does your current estate planning document comply with new laws?
Rules and regulations, especially around taxes, are constantly changing. As a result, your attorney will likely want to check on changes in the law that may benefit or be a detriment to your estate.
Keeping your estate documents current helps to eliminate confusion regarding your wishes. To have your estate documents reviewed and updated, you can reach out to our office at (316) 883-3770.
