Keeping your will and estate plan updated is a chore you may push to the bottom of your to-do list. After all, you have a busy life and you did have a will prepared. But having a will that’s outdated can be the same as not having a will at all. Both can lead to problems when your estate is put into probate. If your life circumstances have changed over the years, your will may be inaccurate or outdated. At the least, you should review your will about every five years. Of course, if some major change in your circumstances happens before the five year mark, don’t wait. The more often you meet with estate attorneys who are versed in elder law, the better off your heirs will be.
You’ve Changed Your Marital Status Or Have More Children
If you check your will periodically, you may discover things you hadn’t thought of. If you’ve left something for each of your children, be sure any new children are added to your will. If you’ve gotten married or divorced, be sure your estate attorneys change your will to reflect your current marital state. It can be heartbreaking for your current wife if your will leaves everything to your ex-wife, and the financial consequences could be devastating. Talking to elder law attorneys each time you review your will is a good way to make sure you aren’t missing anything important and will minimize the likelihood your heirs will need litigation lawyers later.
Changes In Legislation Can Mean Changes In Your Will
Law makers periodically change legal guidelines that affect wills and estate plans. Meeting regularly with estate attorneys ensures your will meets all legal requirements. It will also give you the opportunity to discuss how any recent changes might affect you or your heirs. Responsible elder law specialists and estate attorneys should update you on relevant changes each time you meet.
You Need Documentation Of Changes
Wills are often contested by unhappy heirs if they don’t believe that your final will and testament is the correct one. By meeting with your elder law or estate attorneys on a regular basis, you help create a paper trail that will back up the validity of your will. It also helps reassure everyone that the will was actually prepared by you and that you intended to make relevant changes. You should also use the same estate attorneys over the years whenever possible in order to keep the chain of documentation unbroken.
Regular Check-Ups Will Minimize Oversights
Small details can be missed if you write your will, then forget about it for long stretches of time. If you regularly review it with estate attorneys or elder law specialists, you’re more likely to catch minor discrepancies or potential problems. You won’t have to worry about the distribution of even your smallest assets if your do a periodic check-up of your will. No detail is too small when you’re establishing an estate, so don’t hesitate to consult with an elder law specialist or estate attorneys who can answer any seemingly unimportant questions.
You Can Enjoy Life Knowing Your Family Is Provided For
Many people start to worry about what will happen to their families when they pass away. It can interfere with enjoying life here and now if you’re fearful your will won’t protect your loved ones in the future. Visiting estate attorneys periodically to review your will and make any changes needed can give you valuable peace of mind. You may not make changes to your will at every meeting, but just knowing you’re keeping on top of things with your estate attorneys is a valuable gift to your family.