When Should you Update Your Will?
So you have a will and estate planning documents- great! If you’ve already determined that you need to update your documents, I’ve explained some options for updating those in a short article that can be found here. This article is more focused on when you should consider updating your estate planning documents.
Some people may think that once they have a set of estate planning documents that they’re all set. However, having a will and estate planning documents is only one part of planning effectively. It is important to review your documents periodically to ensure that your estate planning documents continue to reflect your wishes throughout your lifetime.
Not only should you review your documents every few years, but you should always review your documents when a major life event occurs. Examples of major life events vary from person to person, but generally can be described as any time there is a marriage, divorce, birth, or death. When one of these scenarios occur, it’s important to add or remove beneficiaries in your will and any payable on death designations for your various financial accounts, as needed. Additionally, if your financial situation changes and you might require some additional, strategic estate planning.
Updating your documents isn’t just limited to your beneficiaries, but also extends to your agents and beneficiaries. Has one of your agents or executors passed away or is now unwilling to serve? Make sure your estate planning documents are updated to include your primary and alternate executors and agents who are living, willing to serve, and know where to locate your original documents in case of emergencies.
As your life changes, your estate planning documents should change as well. Your estate planning documents are not designed to be static and inflexible, rather it should mold to your life and circumstances.
The information contained in this post is provided for informational purposes only, and should not be construed as offering legal advice, or creating an attorney client relationship.
