When, Where, and Why to Update Your Will and Trusts
While, lawyers cannot offer a warranty (in fact it is not permitted) on
the effectiveness of your will, trusts, powers of attorney, and estate plan,
there are a few important factors to consider whether or not you should
update your estate planning documents. Here are some factors to think
about and which can guide you as you are making the decision to update
1. Have you gotten married or divorced since your last plan?
2. Have any of your children or grandchildren gotten married
or divorced since your last plan?
3. Have you had children or adopted one or more children?
4. Have you had the joy of becoming a grandparent?
5. Have you purchased or canceled one or more life insurance policies?
6. Have you received an inheritance?
7. Has the economy has changed?
8. Have you experienced a change (up or down) in your personal finances
and personal net worth?
9. Have any relationships with guardians, trustees, or executors
that you have listed in your estate planning documents changed?
10. Have you bought or sold any real estate recently?
11. Have there been changes in the law including tax laws,
which might affect your plan?
Now circumstances, as we all know, can change right after you sign your
will or trusts but we recommend, that you review your estate planning
documents every three (3) to five (5) years. However, within that period
of time even small changes in the law, your finances, and personal situations
can cumulatively require changes to your will and/or other estate planning documents.
David M. Frees, III
Pennsylvania residents can
call for more information on updating
your estate plan, will, or trusts
Click here to get a free copy of an enhanced estate planning guide