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When should I redo my Will? (Part 1)

When should I redo my Will? (Part 1)

There are many events that may require you to make changes in your Will or other estate planning documents. The following events (while certainly not an all-inclusive list) are considered major when it comes to a Will or an Estate Plan, and you should meet with your estate planning attorney if any of these are coming in your near future:

  • Change in personal circumstances and/or financial profile

If you start incurring substantial bills or are about to start needing long term care, you need to talk with your estate planning/elder law attorney as soon as possible! Don’t wait until it is too late to protect your hard-earned life’s work if it is your wish to do so!

On the other side of the spectrum, if you have inherited or acquired a sum of money, real estate, or other asset(s) that you did not have when you originally did your planning, it could trigger a need to make changes to your estate plan. You need to check with your estate planning attorney to discuss whether or not it affects your planning. Also, if you’ve purchased or sold a business, your entire financial profile could change greatly and your Will or estate plan should reflect that.

We go through different stages in life, and reviewing objectives as well as problems that can come up as a result of our needs or wants changing is of paramount importance in the planning process.

  • Change in marital or familial status

If you’ve recently gotten married or divorced, many things have changed and your Will or Estate Plan must be updated to remain relevant. Also, your old plans may not reflect your current desires. If you have had children, or have now have grandchildren, you should be review and update your plan to make sure your wishes are being carried out the way you want. You need to evaluate all of this with the assistance of your estate planning attorney.

Stay tuned for the next installment where I will provide additional events that cause a need for review of your Will and other estate planning documents. In the meantime, if you want to visit my website for more general information about my Firm and various estate planning topics, click here.

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