Estate planning is not a one-time event; it requires regular reviews and updates to ensure that your wishes are accurately reflected in your legal documents. The question of how often to update your will or trust can vary based on individual circumstances, but there are some general guidelines to consider.

Major Life Changes

One of the most critical reasons to update your will or trust is following significant life events. This includes:

• Marriage or Divorce: Getting married or divorced can drastically change your financial situation and the beneficiaries you wish to designate.
• Birth or Adoption of a Child: If you have a new child or adopt, you may want to include them in your estate plan to ensure their financial security.
• Death of a Beneficiary or Executor: The passing of a named beneficiary or executor in your will may require changes to ensure your estate is handled according to your wishes.
• Change in Financial Status: Significant increases or decreases in your assets can impact how you wish to distribute your estate. This can include inheriting money, buying or selling property, or retiring.

Periodic Reviews

In addition to major life changes, experts recommend reviewing your will or trust every three to five years. This regular review allows you to:

• Ensure that your documents reflect current laws, as estate and tax laws can change over time, affecting the validity or effectiveness of your estate plan.
• Assess whether your appointed guardians or executors are still suitable for their roles.
• Revisit the needs of your beneficiaries and make any necessary adjustments based on their changing circumstances.

Consulting with Professionals

It's essential to work with an estate planning attorney to assess whether your will or trust needs updates. They can provide insights based on the latest laws and your unique situation. At Resolutions Law Firm, we offer comprehensive estate planning services to help you keep your documents current and aligned with your goals.

Conclusion

In summary, you should update your will or trust after any significant life changes and review them periodically, ideally every three to five years. Regular updates ensure that your estate plan remains effective and reflects your wishes, providing peace of mind for you and your loved ones. If you're unsure whether it's time to update your estate planning documents, reach out to Resolutions Law Firm for a consultation. We are here to help you navigate your estate planning journey.