Is regularly updating your will just as important as seeing your physician each year? No, but just like never seeing your doctor, not revisiting your will can result in adverse consequences for your estate planning. Any changes to your family can invalidate your previous will to an extent. This includes having or adopting additional children, or going through a new marriage or divorce.
Additionally, changes in circumstances for existing family members can warrant changing your will. If a child or spouse later becomes disabled, a special needs trust may be needed in order for that loved one to be able to take advantage of government-provided benefits. Also, if you or your spouse come into a large inheritance or increase their asset holdings (including life insurance), such an increase could also require a change in your planning in order to shelter your assets from estate taxation. Moving to a new state may also justify a change in your estate planning, such as needing to change executors, powers-of-attorney, guardians of your minor children, etc. with people who are closer to your new home state.
If you have gone some time without updating your will, perhaps it is time to do so. Please call the offices of Boyce Larsen today to schedule a consultation to see if your change of circumstances warrants revisiting your original planning needs.