After working hard to write and finalize your will or other estate planning documents, It may not be the most exciting thing to realize that the work is not yet over. In fact, if your will is not updated at certain points in time, there is a risk that your loved ones could be left with a financial and emotional burden of dealing with unnecessary legal fees and proceedings. A car accident could happen at any point, leaving your family with an out-of-date will that might not reflect your wishes accurately. But you may not be sure at what points in time you should review your estate plan and make changes as needed. As a reputable wills lawyer offers, here are just a few reasons why you need to update your will.
Your will and other estate planning documents should be reviewed and revised around every 3 to 5 years. During this time frame there are many things that could happen, including changes to state laws, growth of families, changes in health, marriages, and divorce. Each of these life changes can create concerns for how your will would be handled in the event of your passing. If such changes are not reflected in your estate plan, your will may become ineffective and cause more difficulty than ease later on.
If you have had a change in your family or personal relationships, then this is a reason to update your will. Maybe you had a falling out with your friend that was named as a beneficiary, one of your beneficiaries has passed away, or more family members have been born. If there are new people to include or remove from your will, then you need to do so as soon as possible. Ultimately, your estate plan documents should reflect current reality, which includes the people in your life.
If you have had a substantial change in your assets or finances, that is the reason to update your estate plan. For instance, if you recently had a large inheritance from someone else, then you will need to make sure that these are included in your estate plan and that proper protections have been made for them. If you had sold off certain assets or accumulated others, then you need to make edits so that the assets listed in your estate plan are current and accurate.
There are many other reasons why you may need to update your estate plan. All in all, when life circumstances change in some way, you may need to circle back to your estate plan and make edits as needed. If you need assistance with making changes to your will, a lawyer can be of help, similar to the team at Carpenter & Lewis PLLC. A lawyer is someone who understands the laws for your state, knows how to use certain strategies so that your assets are protected, and can make recommendations on how to ensure that your last wishes are carried out smoothly after you have departed.