Taking the difficult step to make a will or trust is important, but what do you do with the documents after they are completed? If you are like most people, those legal documents are probably signed and then stored away in a safe deposit box or the back of a drawer. After spending the time and money to create a will or trust, many people shovel them away in order to avoid thinking about their eventual passing. While that makes sense from an emotional standpoint, it is a big mistake. Your estate planning documents must be updated on a regular basis.
Changes and updates to a will or trust can occur for a number of different reasons and life events. The following are some of the most common reasons to take a second look at your will or trust for updates:
- Marriage
- Divorce
- Death of someone named in the trust/will
- Additional family members such as grandchildren
- Beneficiaries update
- Changing assets like properties
- Changing retirement plans
- Changes in business plans
- Moving or relocating
- Estate and tax law changes
- Personal circumstances such as a new relationship with a charity
- Children reach the age of 18
- Increases or decreases in your estate’s value
No matter what the circumstance may be, it is important to update your will or trust accordingly in order to keep things current. The Law Office of Brenda Murzyn, P.C. provides sophisticated and personal estate planning and probate services to all clients, regardless of the size of their holdings. Our experienced staff are committed to providing the individualized services and timely response and follow-up that are essential to meeting each client’s personal needs.
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