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:
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:
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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