How Often Do I Need to Update My Will?
The general rule of thumb is that you should review your will to see if you should update your will every time you experience a significant life event, or at least every ten years. Your will may be perfectly fine the way it is until the next event or decade rolls by, but it's better to do a periodic review than to leave your loved ones with an outdated will.
How has your family changed since the last time you updated your will?
Does your will indicate who you wish to be the guardian of your children in the event both you and your spouse die in an accident? Have some or all of those children grown up? Have you added step-children or step-grandchildren to your family? These are some of the questions you should ask yourself when reviewing your will.
Other significant life events which should trigger a review of your will include:
- Marriage or divorce
- Adding children to your family
- Significant growth in the value of your assets
- Death of a parent
- Changes in the needs of your intended beneficiaries
- Your retirement
How has the tax code changed since the last time you updated your will?
Let's face it — not many people spend time keeping up with tax code changes which may affect your estate and the inheritances you plan to leave to your heirs. If you expect to leave an estate with significant value, make it a point to discuss this issue with your estate planning attorney. The cost of making a few changes may save thousands of dollars in the long run.
The attorneys at Peterson Law Group have many years' experience preparing comprehensive estate plans and helping clients keep those plans up to date. We also provide legal advice to executors, trustees, administrators and personal representatives who need assistance managing and settling estates and trusts. Contact a Bryan, Texas probate litigation attorney at the Peterson Law Group by calling 979-703-7014 today.
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