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.