Once a will or trust is created it is often just checked off the “to do list” and forgotten about. It’s important to review your will or trust documents every three to five years, especially if there have been changes in your life or in the lives of those you have named as executors or beneficiaries.
A few life changes that may impact the terms of your will or trust include:
- Marriage or divorce
- Births or adoption of children or grandchildren or other family members to be named in will
- Children reach the age of 18
- Deaths of individuals named in your will
- Deaths or of lack of mental capacity of executors/trustees
- Relocation to another state
- Major changes in assets
- Tax law changes
- Adding a charitable organization as a beneficiary
There are many unfortunate stories of unintended bequests or messy court battles due to people not updating their will and trust documents. This defeats the purpose of having one in the first place. If changes are needed, contact your attorney. In many cases, an amendment can be made without completely redoing will or trust documents. A small investment of time and money now can assure that provisions are made for the people and organizations you love even after you are gone.
For information about free educational sessions on Estate Planning and other Financial Matters check out the event tab at www.benevilla.org.