estate planning

Reviewing Your Will/Trust Every Couple of Years: Why It Is Important

Setting up a will or trust is a responsible thing to do, and it is far more than what most do. However, even though you might’ve already set things up a few years ago—or longer—it doesn’t mean you should never revisit it. Your life today is probably different from what it used to be. The will or trust you have in place might’ve been perfect then, but now it might no longer apply.

Your Assets May Have Changed

As the year’s pass, your assets are likely to change. Some of the things that you might’ve had in a will or trust may no longer be relevant. Perhaps you had planned to give a classic car to one of your heirs, but that heir passed away, for example. When assets change, you should revisit your will or trusts.

Relationships Could Be Different

Although we all wish family could get along, it doesn’t always happen that way. Sometimes, relationships have problems, and you may find that you need to remove someone from your will.

Of course, changes to relationships don’t have to be negative. Perhaps you got married and need to update the will. There are countless potential reasons to review and make changes to your will and trust.

When Should You Review Your Will/Trust?

Typically, you will want to go over this information and review it every three to five years, even if there aren’t any major changes. Additionally, if there are any big changes in your life, you’ll want to go over the documents and potentially make some changes. Examples might be when a child is born or adopted, after a divorce or marriage, when someone in the will passes away, when there are changes in the tax laws, or when you move.

How long has it been since you’ve looked at the details of your will or trusts you’ve set up? If it’s been more than a couple of years, it is time to get in touch with an attorney who can help go over things with you again.

If people need to be added or removed from a document, or if more assets need to be added, contact Gandhi Selim Law. Don’t try to handle the changes independently, even with a DIY kit. The best option is always an attorney, as they will ensure it is done correctly.

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Gandhi Selim Law

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