Why You Need To Keep Wills and Trusts Current
Wills and trusts are important elements in any comprehensive estate plan.
These legal documents are called “living documents”. 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. Those who create a will or trust using an estate planning website usually tuck their documents away. One day their loved one will find the documents and has to use them to probate the estate. Are they fair? Do they include all family members?
As a rule of thumb, legal documents should be revisited and if necessary, revised every 5 years. 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. Once you update your legal documents, create an organized notebook that is clearly labeled. Tell your loved ones about it and where they can find it. When your family is grieving their loss, the last thing you want them to worry about is your financial matters.
Kevin Miller is an Oklahoma City attorney that has more than 30 years of experience as a probate, elder law, and estate planning attorney. Kevin will guide you through the process of revising and updating your will, trust, advance directive, and power of attorney documents. Kevin is motivated to help all families in Oklahoma City get the proper estate planning documents in place long before they need them.
We are here to help.