12.08.12

Why You Need To Keep Wills and Trusts Current


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Wills and trusts are important elements in any comprehensive estate plan. Most people realize it is important to have a will and/or trust, but many forget to update them as changes in their situation occur. The following can be reasons why a person needs to update a will or trust:

  • Changes in financial situation, property or assets.
  • Changes in family status such as marriage, divorce, etc.
  • Death of a person named in the will.
  • Birth or adoption of a child.
  • Changing the guardian of a child.
  •  Relocation to another state or country.
  • Changing the beneficiary under a trust.
  • Changing the personal representative in a will.
  • Change in tax laws.

It is always a good thing to meet with your attorney every few years to review your will or trust and make any necessary changes.