Updating your Will and Trust - How Often?
01 Feb, 2023 |
Has it been a while since you created your estate planning documents? Why might they need to be updated?
Over time things change in everyone's life. A person named in your documents may have passed, there may have been a divorce, or a person you named to receive your legacy may no longer reflect your choice.
Less obvious are changes caused by operation of law. For example, in Nevada a divorce automatically invalidates spousal gift provisions in a Will. A decree of divorce almost certainly affects your trust. As an example, your revocable trust provides that when the first spouse passes, everything goes to the survivor. Is this what you intend after a divorce? Probably not.
Another example is a new marriage, a blended family. Does your legacy go to your children or to your new partner's children by a previous relationship? Without a revision it may be possible for some part of your estate go to your new spouse's ex-partner if you should die first.
Here is short list of things that may require redrafting your Will and Trust.
- Marriage or divorce.
- The birth or adoption of a new child or grandchild.
- Disability (you, your spouse, or a child)
- A significant change in financial status,
- Changes in state or federal tax law.
- Donald Lowrey, Esq.
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