Life changes and so do our circumstances. It’s always amazing to me how much things change in any given year. And because of these life changes, our needs for our loved ones changes as well. Since nothing stays the same, why should your Will or Estate Plan? It shouldn’t if you want it to be carrying out your wishes and desires.
Since circumstances change, so must our estate plans. Maybe this year one of your kids turns legal age and therefore they can potentially be treated differently in your plan. Or you decide to sell our business after all these years and the proceeds need to be allocated. Or maybe some of your family members or relatives have passed away during the year and should be removed from the plan altogether. There are lots of changes that occur in everyone’s life every year.
It is also highly likely that you haven’t seen your estate planning attorney for a few years…most people haven’t visited their attorney since they put the initial will or estate plan together. But because of all the changes that occurred in your life last year, it is highly advisable you get a “check-up” and review your plans based on these changes…annually is highly recommended.
There are a few common things that can happen. They were listed as the Huntsville Item does in "When should you review your will?" The problem with making specific lists is that people take them as exclusive, instead of as examples. People think of only those things listed that would require changing a will and if they don’t apply to them then they feel they don’t need to do a check-up of their own. Consider these checklists as simply examples or a starting point when it comes to specific changes you might want to see your attorney about.
A good rule of thumb is that anytime there is a significant change in your life that would cause you to dispose of your estate differently or treat people differently than you thought when it was established, you should reevaluate your plan. And when I use the word “significant” it is based on your definition, not someone else’s. If you think it is significant, then it is significant, regardless of what someone else might think.
For example, you might have inherited some family heirlooms from someone who passed away this year and feel like they should be distributed to certain people in your family. Others might think of these as ordinary and mundane and just let them be distributed equally at their passing. Whatever the situation, if it feels significant to you then it should be treated as such.
Some people choose to read through their will or estate plan on a certain day every year and to determine if there are significant changes that have occurred. Others just make it a point to schedule a review with their attorney every December to review the year and see if there are any changes that need to be made. This is especially important if you want to avoid any unnecessary taxes or make some changes before the end of the year.
Regardless of when you want to do the review, get your will and estate plan reviewed by an estate planning attorney so they can go through it thoroughly to make sure it meets your wishes and desires. It will definitely give you more peace of mind throughout the year.