When Should You Review Your Will?

Drafting your will is a very responsible thing to do. However, you should not simply create your will, store it, and forget about it. Your will dictates how your property is distributed after you pass away. It can also serve other important purposes, such as outlining a guardian for your minor children. Generally speaking, you should review your will every four to five years so you can make the necessary updates as your situation changes. You should also review your will and other parts of your estate plan whenever there is a major life change. Below, our Carbon County estate planning lawyer explains when these are.

There is a New Addition to the Family 

Young people often first start thinking about drafting a will after they have a child. When they already have a previously drafted will, these individuals may also take this time to review the document and make the necessary changes. However, older individuals should also review their will after the birth or adoption of a grandchild so the child can be included in it.

There is a Death in the Family 

Just as you should review your will after there is a new addition to the family, you should also review it whenever there is a death. You may want to name another beneficiary or redistribute inheritances. Additionally, if your executor passes away, it is important that you name a new one.

Changing Relationships with Beneficiaries

 Over time, your relationship with your beneficiaries may change. You may have a falling out with a family member and wish to disinherit them. For example, if your child was married and then got a divorce, you may want to remove their former spouse from your will. Not all changing relationships with beneficiaries have to be negative, though. Someone new may enter your life, and you may want to include them in your will, as well.

You Move to a Different State 

If you draft your will and then move to a different state, you should review the document with an attorney to determine if you need to make changes. The laws in your new state may vary from the ones in which you drafted your will. Making updates to your will ensures that your heirs will not have to deal with unforeseen issues after you pass away.

Changes to Tax Law 

The laws regarding your estate may change over time and it is always important to change your will when they do. Reviewing and changing your will as tax laws change will help your beneficiaries avoid unnecessary taxes after you pass away.

Our Estate Planning Lawyer in Carbon County Can Review Your Will 

When reviewing your will, it is critical that you have the help of a Carbon County estate planning lawyer. At The Law Office of Kim M. Gillen, P.C., our experienced attorney can review your will with you and determine if changes are necessary. Call us now at 484-613-0011 or fill out our online form to schedule a consultation and to get the information you need.

Source:

legis.state.pa.us/cfdocs/legis/LI/consCheck.cfm?txtType=HTM&ttl=20&div=0&chpt=25