Those with an estate plan must still review and update their wills.

Like most things in life, an estate plan will require some attention and maintenance to keep it functional.

While those with an estate plan are more prepared for their future than most of their peers, they will still need to periodically review how their preparations align with current goals and circumstances.

According to a recent AARP.org article titled “6 Times When You Should Update Your Will,” personal life events and public policies can both trigger a need for an estate plan review and update.

An experienced estate planning attorney should make changes to estate planning documents to ensure the last will and testament updates are valid.

What are everyday situations where a last will should be reviewed and updated?

You should regularly review your will with an experienced estate planning attorney.

Changes to your marriage or family.

As your family grows or shrinks, your estate plan will likely need to account for the changes.

Common family dynamic shifts include divorce, marriage, or the birth of a child.

It is not uncommon for a will filed with the probate court to exclude the current spouse and leave everything to an ex because the testator failed to review and update the document.

Yikes!

Those who are divorced do not generally want their ex to inherit their wealth.

Instead, a plan update could include protecting inheritances for your children or a new spouse.

Changes in the situation with your heirs.

When an adult child marries a spendthrift or develops a substance abuse problem, parents often shudder at the idea of leaving a large inheritance outright.

Upon a review of your estate plan, you may find creating a trust and designating a trustee to be a more appropriate method of providing for your heirs.

If your heir becomes disabled, the creation of a Special Needs Trust could help prevent this loved one from losing certain government benefits due to inheriting through a last will.

Relocating to a new state or even a new country.

A recent Census Bureau report underscores the mobility of people.

Every year, more than 1.2 million seniors move to states or choose to live overseas.

While your last will was created to function well in your current state of residence, you will need to review and update your estate plan to comply with the local laws of your new state or country.

Your net worth increases or decreases significantly.

Your wealth can shift significantly through job promotions or inheritances.

If you have more money, you may decide you would like to include philanthropy in your estate planning or shift how your estate is distributed.

An experienced estate planning attorney will need to appropriately document any of these updates.

You want to review and make a change.

Your opinions and relationships do not remain stagnate.

The person you chose as an executor could have died or moved.

You may no longer be on speaking terms with a former heir and would like to disinherit or reduce their inherence.

If you do have updates you would like to make to your will, you should never attempt this alone.

Trying to change your will could invalidate it and leave you without an effective legal plan.

It has been more than four years since you have reviewed your will.

If it has been more than four years since you have reviewed your plan, it is possible tax laws have changed even if family dynamics have not.

Many people find the guidelines to review and update their last will every three to five years helpful in protecting their goals and loved ones.

Our rule of thumb is to review your entire estate plan, including the last will, at least every two years.

If not with an estate planning attorney, pull out your estate planning legal documents and read them yourself.

Most clients can spot major problems, like having a now-divorced couple currently appointed as guardians for minor children.

If you live in Kansas or Missouri and have not had your estate plan reviewed in several years, you can contact our Harvest Law KC Overland Park estate planning office.

This post is for informational purposes only and does not provide legal advice. You should contact an attorney for advice concerning any particular issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.

Reference: AARP.org (Sept. 23, 2024) “6 Times When You Should Update Your Will”