How Often Should I Update My Will or Trust?~2 min read
When it comes to planning for the future, creating a Will or a living trust is a crucial step in ensuring your wishes are carried out after you’re gone. But simply creating an estate plan (whether a Will or a trust) isn’t enough. Life is constantly changing, and as such, your estate plan should reflect those changes to remain relevant and effective. So how often should you update your estate planning documents?
Major Life Events
A good rule of thumb is to review your estate planning documents after any major life event. This includes events such as marriage, divorce, the birth or adoption of a child, or the death of a beneficiary, trustee or executor named in those documents. Additionally, sometimes similar life-changing events in the lives of your beneficiaries may trigger a need for revisions to your estate plan. These significant life changes can have a profound impact on your estate planning needs and should prompt a review of your estate planning documents.
Financial Changes
Significant changes in your financial situation should also trigger a review of your estate planning documents. This could include receiving a large inheritance, purchasing or selling valuable assets, starting or selling a business, or any other substantial change in your financial status. Ensuring that your documents accurately reflect your current assets and liabilities is essential for proper estate planning.
Legal Updates
It’s also important to review your estate planning documents periodically to ensure they comply with any changes in the law. Tax laws, inheritance laws, and other legal regulations may evolve over time, necessitating updates to your documents to maximize tax efficiency and ensure your wishes are legally enforceable.
Health Changes
Changes in your health or the health of your beneficiaries may also warrant updates to your will. If a beneficiary develops a disability or becomes incapacitated, you may need to make provisions for their care or adjust inheritance arrangements accordingly. Similarly, if your own health deteriorates, you may need to revisit decisions regarding powers of attorney or healthcare directives outlined in your estate planning documents.
Personal Preferences
Finally, your personal preferences and relationships may change over time, prompting revisions to your estate planning documents. This could include changes in your relationships with beneficiaries or changes in your wishes regarding the distribution of your estate. Regularly reviewing and updating your documents ensures that they accurately reflect your current intentions and desires.
There is no set time-frame for how often you should update your estate planning documents, but it’s essential to review them periodically, especially after major life events or significant changes in your financial or health status. By keeping those documents up-to-date, you can better ensure that your final wishes are carried out as intended.
Contact TS Wright Law If you have questions regarding Wills, please contact Tiffany Wright at (940) 312-6896 to schedule a consultation. TS Wright Law is located at 620 West Hickory Street, Denton, Texas 76201.
