Here are some reasons to keep your Will and Trust updated.

You may need to review and/or revise your estate planning documents every three years or more frequently depending on your situation, or you may simply feel more comfortable reviewing it regularly. Ultimately, it’s up to you, but the more you review the less likely that your heirs hire an estate litigation lawyer.

Reason 1: Your Will / Trust Never Goes Out Of Date

With a regular review, you may decide to change things that may not be accurate anymore, or you simply desire to change things. For example, you may wish to remove one of your children from the will, remove your former spouse, or add a grandchild or favorite charity, etc. from your heirs. Your executor (personal beneficiary) has deceased or moved out of state, so you may want to change that designation.

Reason 2: Changes In The Law May Impact Your Wishes

Changes to the laws may impact your will and trust. Therefore, if you regularly discuss your estate planning documents with your lawyer, any changes in law will be discussed with you and how it affects you.

Reason 3: Preventing Lawsuits

It is not uncommon for wills and trusts to be challenged after death, specifically with claims if you are gifting one child more than another, or disinheritance a child. By regularly visiting your attorney, it is easier to prove that decisions you made were actually approved by you. Therefore, you’ll develop a good paper trail and the attorney will testify about your wishes and desires. Consequently, you will be in good standing should the matter ever come up in court.

Reason #4: Reduce The Chances Of Mistakes

If you meet with your lawyer regularly, the chances of making mistakes or forgetting to include someone or something will be reduced.

Reason #5: Peace Of Mind

If you follow the above, you know that you’ve done the best for your family, and that you’ve done all you can to prevent issues after your death. When you visit your attorney regularly you ensure your will is updated and accurately reflects your wishes. This provides comfort and a feeling of security i.e. Peace of Mind.

Tags: , , , , , , ,
Posted on: No Comments

Leave a Reply