How Often Should You Update Wills and Trusts? 

wills and trusts

Keeping your wills and trusts up-to-date is important for safeguarding your legacy, making sure your wishes are honored, and protecting your loved ones. Many people wonder how often the documents should be revisited. Let’s explore when you should consider updating a will or trust and why they should be kept current.

When to Review and Update Wills and Trusts

There’s no strict rule or timeline on how often to re-evaluate wills and trusts, but a good rule of thumb is to check them over every three to five years. Regular reviews help make sure your estate plan lines up with your wishes as your circumstances change.

Certain life events also warrant immediate updates to your estate plan. Some of these include:

  • Marriage
  • Divorce
  • Birth
  • Adoption of a child
  • Passing of a beneficiary or trustee
  • Significant change in assets or liabilities
  • Health changes

Regular updates to wills and trusts honor your evolving wishes and adapt to life’s unforeseen changes. Proactive management protects your legacy and offers lasting security to those you care about.

Beyond personal changes, there are legal and financial reasons to consider updating a trust or will. Estate and tax laws change over time and can impact how your estate will be managed and distributed. Periodically checking in with your wills and trusts lawyer can help you work through those changes effectively.

Similarly, occasional updates in trust management options or beneficiary structures could offer better ways to protect your assets and reduce tax burdens. By revisiting these documents from time to time, you can maximize your benefits and adapt your plan for future needs.

How to Update Your Estate Plan

When you’re ready to review your plans, it’s important to take it to a knowledgeable estate planning attorney. They’ll guide you through the complicated process of updating your documents. To get started, make sure to:

  • Go over your trust and will documents to understand your current distributions, guardianship designations, and asset allocations
  • Take note of any major life changes that have happened since your last review
  • Work with a skilled estate lawyer to talk about updates and make sure your estate plan reflects your current goals and legal requirements
  • Draft, notarize, and file necessary updates to legally solidify your revised plan

Even if you haven’t experienced a major life change, it’s still a good idea to occasionally check your wills and trusts. Small details like address changes or outdated contact information for beneficiaries can impact the effectiveness of your estate plan. 

You’ll have peace of mind if you stay proactive with these updates and make sure your loved ones will be taken care of.

Protect Your Legacy With Mason Law and Planning Group

Maintaining a current estate plan is one of the best ways to secure your legacy and protect the people you care about. If it’s been a while since you last reviewed your documents, or if you’ve recently been through a major life event, Mason Law and Planning Group can help. Contact us today to schedule a consultation.