For many people, creating an estate plan is an uncomfortable process. Once you’ve finally taken the time to meet with a wills and trusts attorney and finalize your plan, you might be tempted to move on with your life and never think about it again.
This is not a good idea. Your estate plan should evolve alongside you as your circumstances change, and you should periodically review it with an attorney to make sure it still aligns with your wishes.
But just how often should you review your estate plan? Here’s a closer look.
When Should You Update Wills and Trusts?
As a general rule of thumb, here’s when you should review your estate plan with your lawyer:
- Every three to five years
- After a major life event
You might not need to make changes to your estate plan every few years. However, as time passes, it’s easy to forget the fine details. It’s also easy to get so caught up in everyday life that you never actually review your plan. If this happens, your estate plan may not accurately reflect your wishes at the time of your death.
Looking over your estate plan at regular intervals is wise. However, certain life events merit an immediate review of your plan:
- Getting married or divorced
- Buying or selling a house
- Having or adopting a child
- Going through major changes in financial circumstances
- Being diagnosed with a serious illness or disability
If any of these events occur, you might need to update your wills and trusts. When you discuss your situation and review your documents with a wills and trusts lawyer, your attorney can help you decide whether it’s time to make a change.
What Happens if You Don’t Update Your Estate Plan?
Failing to update your estate plan can do harm to your loved ones. For instance, imagine you get divorced after a lengthy marriage and remarry a year later. However, you don’t revisit your estate plan after this big life change.
When you created your will a few years ago, you split your assets equally between your adult children and your ex-spouse. Your ex-spouse is also still listed as the beneficiary of your life insurance policy and retirement accounts.
If you die before consulting an attorney for trusts and wills to update your plan, your ex-spouse — not your current spouse — could receive your money and property.
Your current spouse may try to challenge the will in court, but there’s no guarantee they would prevail. Probate court is tough under the best of circumstances, and it’s even more difficult for someone grieving a recent loss.
Looking for a Wills and Trusts Attorney?
You shouldn’t trust just anyone with estate planning. At Mason Law and Planning Group, our attorneys for wills and trusts take the time to get to know you before we set to work. With your goals in mind, we’ll help you create an estate plan that protects your assets, reflects your values, and ensures your loved ones are taken care of.
Contact us to book your consultation today.