When Should I Update My Will?

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June 10, 2022 •  The Estate & Elder Law Center of Southside Virginia, PLLC
There are some obvious triggers that might prompt you to update your will, such as changes in health or marital status. There are, however, also some not-so-obvious ones to be aware of, according to financial planners and attorneys.
Robert W. Haley, managing lawyer
Robert W. Haley
Certified Elder Law Attorney® Robert W. Haley brings over 27 years of legal expertise and knowledge to his firm, which concentrates solely on the areas of elder law, estate planning (Last Will & Testaments, Durable Powers of Attorney, Health Care Powers of Attorney, Living Wills, Trusts, etc.,.) Asset Protection/Medicaid Planning and fiduciary services. For many years, Robert practiced in real estate law, and in general practice, but decided to narrow his focus to elder law and estate planning when he realized the tremendous need for proper planning to be filled in Southside Virginia.

CNBC’s recent article entitled “When it comes to a will or estate plan, don’t just set it and forget it” says that your will should be updated when your personal circumstances change,  could happen at any time. Some frequent triggers include:

  • Changes in health, including that of executors and guardians
  • Changes in laws, which may impact tax and legal strategies; and
  • Changes in state residence, which can also impact planning.

Every state has different laws as to the administration of a will. They will vary regarding the required residence of an executor, inheritance tax laws and whether a child can be disinherited by omission.

It’s wise to review your will every few years with an estate planning attorney, who likely will say that documents should also be reviewed when these events happen:

  • A substantial change in your financial status
  • A change of parental status, like the birth of a child
  • A change of guardians
  • Changes in designations of fiduciaries, such as the executor of the will, successor trustee of a revocable trust, attorney-in-fact, or health-care agent; and
  • Changes in a family member’s situation, such as if a child develops special needs and will need appropriate planning.

The article says that an overlooked trigger to updating your will is consolidation in the banking industry. If you named a bank as the executor of your estate and the bank has been bought or sold recently, you may now have a new executor.

Make certain that you know who that person or institution is – and that you trust its judgment.

It’s also important to revisit your beneficiaries after marriage or divorce.

Think it may be time to update your will? Book a call with one of our staff members to address your concerns! We have offices located in Bassett, Danville, and Lynchburg to better serve you.

Reference: CNBC (March 1, 2022) “When it comes to a will or estate plan, don’t just set it and forget it”

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