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When to Update Your Will or Trust – with Checklist

04.11.2010 · Posted in Real Estate Articles

When you hit major life milestones take a fresh look at your will. If you sign it and put it in a safe deposit box and forget about it you run the risk that the world will change and leave you behind. That may be a little dramatic sounding. If you bother to make a will it is important to be sure that it reflects your wishes.rnrnThere are 3 things to keep in mind when we review a will or a trust document. It is easy to remember the 3 things if you remember 3 words, Wrong, Inconsistent, and New. The initials serve as a reminder W.I.N.. rnrnSome documents were simply done Wrong. This is a often the case when you have an attorney draft the documents but we do sometimes find errors within the documents. rnrnYour existing estate plan may be Inconsistent with your current wishes for your family. Things may have changed in your life or in the lives of your loved ones.rnrnFinally, there are likely to be some New laws which may have an impact on the way your family will inherit. In addition to new laws, there have been many advances in the planning methods used by estate planning attorneys. These new ways of doing things may open new doors for you and for your family.rnrnThis is my checklist of questions, to ask yourself, that may prompt a review. Most of these items are meant to get you thinking about what changes have occurred in your life or the lives of those you love. We are looking for ways that your existing plan may now be inconsistent with your current wishes.rnrn____ Are any of the people you have named died?rnrn____ Has your spouse died?rnrn____ Do you have a new favorite charity?rnrn____ Has a child or grandchild become disabled or incapacitated?rnrn____ Has your home state enacted new laws that impact your estate plan?rnrn____ Have the Federal estate tax laws changed? When have they not?rnrn____ Are there new people you should name in your will (birth, adoption, step child)?rnrn____ Have you been divorced?rnrn____ Did you get married, or re-married?rnrn____ Have you moved to a different state?rnrn____ Have you changed your mind about who will raise your children (guardian)?rnrn____ Do you have someone new in mind to act as personal representative or trustee?rnrn____ Have any of your children reached the age of 18 or 21?rnrn____ Have you had large increases or decreases the value of your estate?rnrn____ Have you bought or sold a significant asset?rnrn____ Are you 701/2 years old and need to take distributions from a 401k plan or IRA?rnrn____ Has it been over 5 years since your last review? rnrnSet an appointment, to review, for your “5” birthdays (ages 40, 45, 50, 55… ) just like changing the battery in your smoke detector when you change the clocks for day light savings time.

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