You’ve created your will, stored it in a fireproof box, and made sure that your estate planning attorney and other relevant stakeholders had access to it. This doesn’t mean that you can forget about the importance of updating your will as different life events occur. Far too many people end up sitting down with their MI estate planning attorney years after they intended to really update their will.
While some wills might pass the test of time, others will require reevaluation on an annual basis to ensure that they reflect the needs of the person who created it.
Some of the most common reasons why you might need to sit down with your estate planning lawyer outside of an annual review to discuss your options include:
- You are getting ready to have your first child.
- You are contemplating getting a divorce and your current spouse is listed on all of your documents.
- Your child has recently gotten married and you are concerned about an inheritance potentially being tapped by that new spouse.
- You have already gotten divorced and haven’t updated your will since then.
- Any of your beneficiaries develop substance abuse or debt problems.
- Any of your beneficiaries or executors have passed away.
- A young family member that you were previously concerned about being a spendthrift has now become a responsible adult.
- You have recently inherited a substantial sum of money.
- There are state or federal tax or estate planning law changes that affect your current structure.
Schedule a consultation today with an estate planning lawyer who can help you to accomplish your estate planning goals.