When Should Testators Review Their Wills And Estate Planning Documents?

# When Should Testators Review Their Wills And Estate Planning Documents? The testator's mental well-being is just as important as his or her loved ones' financial security when creating an inheritance plan. Estate plans not only specify who will inherit a person's assets but also address what will happen if that person becomes unable to make decisions about their own healthcare or financial affairs due to incapacity.   A solid, individually tailored estate plan is one of the few things that may truly put a person at ease in the face of life's inevitable uncertainties. However, as time passes and life circumstances alter, the specifics of a person's will, powers of attorney, and other legal documents may become out of date. These are only some of the most typical situations in which people decide to review their wills and trusts and get <a href="https://weisingerlawfirm.com/practice-areas/estate-planning/">estate help</a> to make necessary changes.   Alterations to their available means   Perhaps a person who used to be a tenant but now owns real estate made an estate plan many years ago. Perhaps the testator acquired a business, inherited a business, or sold significant assets that were previously included in the will. If someone's financial situation has changed significantly, it may be necessary to update their will or trust to include or exclude particular assets as appropriate.   Changes in the family's living situation   Perhaps a testator predicated their entire will on their children's care and upbringing when they were young and in college. However, a lot can happen in a household since the kids have been out of school for a while. There are several reasons someone can modify their will's beneficiaries, including estrangement, addiction, and even marriage instability. Not only would it be time to reevaluate who will be the family members with the most clout throughout the estate administration process, but also the list of beneficiaries. Reasons to update legal papers include marriage, divorce, and the development of new partnerships.   Recent medical findings   Maybe someone just found out they can not have kids anymore due to health problems or an illness that will give them pain for the rest of their lives. A person's desires about the transfer of their property can be altered if they experience a sudden downturn in health or know that their death is close. This might increase the urgency with which they should draft advance directives and powers of attorney.   A person's earlier estate planning decisions may need to be reevaluated whenever there has been a major change in their financial, medical, or family circumstances. It is just as crucial to keep up with estate planning documents as it is to create them in the first place.