Updating your will and trust is crucial because life circumstances and legal requirements can change over time. If you don’t update your estate planning documents, your wishes may not be carried out as intended, and this could lead to disputes and complications for your loved ones.

It is recommended to review your will and trust every few years or whenever a significant life event occurs, such as marriage, divorce, birth or adoption of a child, death of a beneficiary, or a substantial change in your financial situation. Additionally, changes in tax laws or estate planning laws may also warrant updates to your estate planning documents.

If you don’t update your will and trust, your estate may be distributed according to outdated provisions, or worse, it may be subject to intestacy laws, which dictate how assets are distributed when there is no valid will. This can result in unintended beneficiaries receiving your assets or your loved ones not receiving the assets you intended for them.

Updating your will and trust can help prevent disputes among your family members and beneficiaries. By clearly stating your wishes and ensuring that your documents reflect your current circumstances, you minimize the chances of arguments or legal battles arising after your passing. This can provide peace of mind for you and your loved ones.

To update your will and trust, you should consult with an experienced estate planning attorney. They will help you review your existing documents, assess any changes needed, and guide you through the process of making updates or creating new documents. It’s important to work with a professional to ensure your documents are legally valid and reflect your wishes accurately.

In addition to your will and trust, other estate planning documents that may require regular updates include your power of attorney, healthcare directives, and beneficiary designations for retirement accounts and life insurance policies. These documents should be reviewed periodically to ensure they align with your current wishes and circumstances.