Question By: Estate planning is an important part of securing your legacy and ensuring that your assets are distributed according to your wishes after you pass away. Creating a will or trust is one of the primary ways to accomplish this goal. However, simply creating a will or trust is not enough; you also need to review and update it regularly. In this blog, we'll discuss how often you should review your will or trust.
The answer to this question depends on a few factors, including your age, the complexity of your estate plan, and any significant changes in your life. In general, it's a good idea to review your will or trust every three to five years, but there are some situations where you should review it more frequently.
If you experience any major life events, such as a divorce, marriage, birth of a child, or the death of a loved one, you should review your will or trust as soon as possible. These events can significantly impact your estate plan, and you want to ensure that your wishes are accurately reflected in your will or trust.
If you have children, many key estate planning decisions must be considered. Each of them should be part of estate planning documents. For example, you need to name a guardian for your child if something happens to you and the other parent. Also, think if you want your child to get some of your assets when you pass away. At what age should your assets pass to the child? You also should update your estate plan after you adopt or give birth to a child. Finally, remember to put your stepchildren in the estate plan if you want them to receive some of your assets.
It's also important to review your will or trust if there are any changes in your financial situation. If you receive a significant inheritance, for example, you may need to adjust your estate plan to account for the new assets.
In addition to these specific situations, it's a good idea to review your will or trust every few years to ensure that it still accurately reflects your wishes. As you age, your priorities may change, and you may want to update your estate plan accordingly.
Writing an estate plan is an excellent first step to protecting your assets. However, your estate plan should be reviewed regularly to see if updates need to be made. However, you should always have these critical documents drawn up and reviewed by a qualified attorney.
The Crystal Lake estate planning lawyers at Bruning & Associates will review your estate plan carefully and update it based on your changing circumstances.
For more details, visit https://bruninglaw.com/how-often-should-a-will-or-trust-be-reviewed/
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