Your New Year's Resolution - Updating Your Wills or Trusts

Your New Year's Resolution - Updating Your Wills or Trusts

A new year is upon us. It's time to set new goals and make a new year's resolutions you can stick to. For 2010, why not make updating your will or trust at the top of your resolution list?

When was the last time you updated your will or trust? Remember that once a will is written, it can't just be ignored. Just as you would take your car for a regular maintenance to work effectively, or visit the doctor for checkups, you should also review your will. With time, your wishes and/or circumstances can change, along with the law.

There are many reasons why it is important to keep your wills and trusts updated. Below is a checklist you can use, so you can be sure your assets will be distributed as you intended.

____ Changes in your marital status

____ New child(ren) in your family

____ Child(ren) in your family who are no longer minors

____ Death of a family member or death of a beneficiary

____ Changes in Federal Estate Tax law or State Tax law

____ Changes in the value of your estate(s)

____ Changes in ownership of your property

____ Relocation to another state/country

____ Changes or removal of gifts to beneficiaries

____ New assets or debts

It is advised to update your will as frequently as every 3-5 years, or any time you encounter major life changes. If you need to make changes to an existing will or trust, making the changes on your own might invalidate the will. An estate planning attorney can create an amendment called a "codicil" to your will, subsequently making updates to the original document, printing a new copy, and asking you to sign it with a witness present.

Attorney Search Network can refer you to an estate planning attorney in your area that can help you update your will to reflect your personal needs and give you peace of mind that your will is up to date and valid.

If you have any questions about the information provided above, please contact Attorney Search Network.

Contact Attorney Search Network for an Attorney Referral to an pre-screened Will, Estate Planning and Trust Lawyer.

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