Creating a will is one of the most important decisions you can make. However, the process doesn’t end there. Generally, you will want to update your will every 2-3 years. However, it is important to update your entire estate plan, not just your will. Read on to learn more.
When to update your estate plan:
It is important to update your estate plan under the following circumstances:
- There is a change in your family: It is important to change your estate plan to reflect your life changes. This may include the birth or adoption of a child. You will need to update your estate plans to reflect the new addition to your family. On the other hand, if a family member who was mentioned in the estate plan passes away, you will also need to change your plan to reflect this change. You may also need to alter your estate plans in the event of marriage, remarriage, or divorce.
- Executors or trustees become inappropriate: In life, we often change our minds. You may select an executor or trustee and later decide they are no longer the best person for the role. For instance, they may be unable to complete the tasks as you would like them done, someone else may be a better choice, or someone has aged, moved away, or passed away.
- Your retirement plan is outdated: One of the biggest mistakes you can make in the estate planning process is failing to modernize the beneficiary designations of IRAs, 401(k)s, and other retirement plans. Notably, beneficiary designations also control who receives annuities, life insurance, some financial accounts, and some other assets.
- You moved to another state: Since each state has its own estate planning laws, it is important that you update your estate plan instantly after moving to a new state. In some states, there may be differences in the number of witnesses required in order for a will to be valid, among other requirements. As a result, it is important to research the estate planning laws in your new state and contact an estate planning attorney as soon as possible.
Contact an experienced attorney to learn more about updating your estate plans.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.