Just as people put the task of checking their smoke alarm batteries on some sort of regular calendar, reviewing your will is something that should be done regularly, as well. Life circumstances and legal changes make doing so critically important. So, as the new year rolls around, it is time to put this activity on your calendar and remember to do it the first part of every year.
Your will is not a fixed legal document. As life changes, so too might your wishes regarding how your assets are distributed after your death. You need to make sure that your will and other estate planning documents match your current circumstances. This will help you feel calm and confident and protect the interests of your heirs.
Possible Circumstances Warranting a Review
- Changes to your income level or income needs.
- The value of your estate has changed dramatically.
- There is a divorce or marriage in your family.
- There is a new child or grandchild.
- There is a death in the family.
- You (or a close family member) have become unwell or disabled.
- You have formed, purchased, or sold a business.
- You make significant financial transactions, such as substantial gifts, borrowing or lending money, or purchasing, leasing, or selling assets or investments.
- You have moved.
- A designated trustee, executor, or guardian dies or changes his or her mind about serving.
- You are making modifications to your insurance coverage.
- You moved to a different state which may have different probate laws.
- There have been changes to State or Federal tax laws that impact your estate.
- The value of your estate has changed significantly.
Other Important Documents
The financial Power of Attorney is an important part of any estate plan. If the circumstances of the person named to be that agent for you should change, you may have to make new or different decisions about who handles the POA. It is important to have a reliable individual to be able to make financial decisions on your behalf if you cannot do so.
Peace of Mind
Knowing that your affairs are in order and your loved ones will be taken care of according to your wishes provides great peace of mind. Reviewing your estate plan on a regular basis – or after a major life event – ensures that your wishes are accurately recorded and reflect your desires.