3 Reasons Why You May Need a Review of Your Estate Planning Documents
Estate planning can help to ensure that any money, land, jewelry, or other valuable items go to the people or organizations you desire when you pass away. Estate planning can help to create a trust for your items to be placed in or a will that specifies where these items go. After creating the trust or will, many people do not think much about these documents ever again. However, in some cases, you may need an estate planner to take a look at your documents and reevaluate them or make changes to them.
Here are a few of the reasons why you may need a professional to take a second look at estate planning documents.
1. There Has Been a Change in Your Love Life
One of the reasons why you should have an immediate review and changes made to your estate planning documents is because there have been changes made in your love life. You may have left most of your items to your spouse or partner. But, if you are going through a divorce or separation, you may want to write them out of your will. Likewise, if you have met someone new and are creating a life with that person, you may want to include them in your will or trust.
2. Your Finances Have Changed
Another reason to have a review and make changes to your will or trust is that your finances have changed. Having more or less money, land or valuables can affect who you left items to, especially if you left specific amounts of money to specific people, organizations, or charities. You may need to change up the wording of your will or trust to better reflect your current financial position.
3. You Have Had a Change of Heart As to Who Gets What
The final reason why you may need to have a review of your estate planning documents is that you have had a change of heart as to who gets what. Maybe you planned on leaving your kids each a certain amount of money, but perhaps you recently helped a child buy a home and put a lot of money down for them on that home. You may wish to reduce what they get in the will. Or maybe you had a falling out with a certain family member. If you have changed your mind about who gets what, regardless of the reason, your will or trust needs to be updated.
In addition to this, many estate planning professionals recommend you create a new will or new estate planning documents every decade to ensure that the legal language is correct, to ensure that you have addressed any changes that have taken place in your life, and to reduce the odds of someone disputing your will because it is dated and may not have been a reflection of your current desires. Contact an estate planning professional through websites like http://wolfleylawoffice.com/ if it is time to review any of your documents or plans.