How Often Should I Review My Will or Trust?

Once a will or trust is completed and signed, it often gathers dust on a shelf or in a safe deposit box and comes out again only when a party dies or a conflict arises.

Changing circumstances dictate the frequency with which you should review your estate planning documents. The following list describes some events that may require the updating of a legal document:

1. People Issues

When a birth or adoption adds a new family member a will or trust should name the new addition and spell out any provisions being made for them. Likewise, adult children may become financially independent and not need an inheritance. On the other hand, one child might require more financial help because of specific health or education needs or a child might be financially irresponsible and the distribution of assets to them may require greater controls.

2. Change In Estate Size

An estate may increase in value dramatically after a will or trust is drawn. Estate tax issues that were not relevant before may need to be addressed in a will or trust. Or an estate plan may need simplification if the size of an estate has decreased.

3. Change In Business Interests

When businesses change form, from a sole proprietorship to a corporation, or a new business is opened, changes may need to be made to correctly facilitate a smooth transition of business interests from one generation to another.