Updating Your Will or Trust
One of the common misconceptions people have about wills is that they’re basically a “set it and forget it” type of a deal.Meaning that once you’ve got the document in place, you really don’t have to make changes to it. The reality is that wills and trusts should be updated to account for important changes that happen to you and to make sure your assets are distributed in the manner in which you had intended.
Some life changes or circumstances that could warrant a change to your will or trust can include:
- If you find yourself no longer getting along with the executor, trustee or a beneficiary of your will or trust.
- If there is the death of a beneficiary or the birth of a new family member.
- If the size of your estate has significantly increased or decreased.
- If you decide that you want to change the amounts you are leaving to beneficiaries.
- A change in health circumstances or the diagnosis of a serious disease.
If changes aren’t made to a will or trust, it won’t necessarily invalidate the document, but at the very least, it may complicate matters.
As always, should you have any questions regarding your will or trust or possible changes you need to have made to it, please do not hesitate to contact our office by calling us at (913) 701-3030.