“But I have a will so I am covered.” Many people walk around with this misconception thinking that once their estate plan is drafted, they are done. However, what most individuals do not realize is that an estate plan is a living document. Just as life changes, your estate plan should change along with it.
Yes, you may have a will, but how long ago was it written? Were your children minors at the time you wrote it? Are they now full-grown adults with families of their own? If that is the case, you may want to take a look at your documents to see if you need to revise or make amendments to your will.
Have you recently moved? Are the guardians you had named for your children now clear across the country? Would you want your children to live with a different family given your new living situation? It might be time to revise your will.
Have you recently been divorced? Have you since remarried? Do you want to keep your ex-spouse on as your executor or main beneficiary or would you rather this person be your new or current spouse? Again, it may be time for you to revise your will.
If your financial situation has changed significantly and you initially had a simple will for an estate plan, you will want to meet with an attorney to discuss your options. As your estate grows and becomes more involved, it might be time to consider a trust. This may also be the case if you have started a new business or if you have suddenly come into large sums of money.
Your will is a living document. It is not something you create and put away, never needing to see again. No matter what your reasons, your will needs to change as your life changes. For this reason, I recommend you pull out your will every few years and review it. You can do this on your own or with your attorney. If you see a modification needs to be made, be sure you contact an attorney to make sure that the change is done properly. If you choose to write a new will, you will need to properly revoke any previous wills you may have written.
If you have any questions about the process or whether your estate plan needs to be reviewed, contact our office at 248-917-1351 or email at asullivan@sullivanlawonline.com