Reviewing & Updating Your Will or Trust

Advice from a Montana Estate Planning Attorney

Wills and Trusts are highly effective tools in distributing assets upon your death and reducing family stress and conflicts. However, Wills and Trust are only effective estate planning tools if they are kept up to date. An outdated Will or Trust and be just as ineffective as nothing at all, or worse.

Instead of thinking of your Will, Trust or other estate planning documents of something you do once, then lock away, I always recommend you keep copies of these documents in a safe, but in a handy place. It is important to review and update these documents on a regular basis. In addition, there are some specific instances where it is especially important to take some time to review, and if necessary, update your estate plan. Some examples of these situations include:

• After the death or incapacity of an individual nominated in your will or trust as a personal representative, trustee or beneficiary
• After you are married or divorced
• After birth or adoption of a child
• After purchasing or selling real estate or other large asset
• Prior to a major operation or other medical procedure
• After receiving a large inheritance
• After moving to another state or purchase assets in another state
• After any major change in your income or income earning capacity
• After a minor child reaches the age of majority or completes college
  
• Upon the marriage of a child or other beneficiary
  
• Anytime you change you change or mind about how your want to distribute your assets and to whom you want to distribute those assets 

There are many other situations where you might need to update your estate plan, but the important thing is to get in the habit of reviewing your estate planning documents when your life changes. If you have questions about how or when to update an estate plan, speak with a local estate planning attorney. Making a change to your estate plan is usually quite simple and reduces complications for your family later.