When Should I Update My Will?
For my clients, I try to make the will and other documents as flexible as possible in order to take into account future circumstances. This usually means including unborn children in the estate plan, listing several possible executors and trustees, and listing several people who could inherit in the event the primary beneficiary has died. However, even if you tried to take into account all possible future events when drafting your documents, I still recommend you review them at least every five years.
In addition to reviewing them every five years, there are also several circumstances that might happen in your life that would cause you to need to review your estate planning documents. These include:
– The birth of a child
– A change in the tax laws, such as the change that is scheduled at the beginning of next year
– A divorce or break-up
– A death of someone close to you who may be named in the documents, such as a spouse, sibling, or child
– A change in your health
– The receipt of a large inheritance or other windfall
Regardless of whether you have experienced any of these, it’s still a good idea to review those documents every five years. If you have reviewed them and have any questions, call Sarah White, Cobb County estate planning attorney at 678-453-6490. I offer free phone consultations and I would be happy to answer any questions you may have.