A will or trust is central to estate planning, but creating one is just the first step. Life is full of changes — including marriages, divorces, births and deaths of loved ones — any of which can significantly impact estate planning decisions. By not reviewing and updating your will or trust periodically, you run the risk of your assets being distributed ineffectively or contrary to how your priorities have evolved over time.
One of the most common reasons to update your will or trust is a change in family circumstances. The birth of a child, grandchild or niece or nephew introduces new beneficiaries you might want to include. Conversely, the death of named beneficiary should lead you to remove them from the document.
Estrangement from a named beneficiary also necessitates an update to avoid unintended consequences. In case of divorce, you should remove your former spouse as a beneficiary from your will and review beneficiary designations on retirement accounts and life insurance policies. In addition, marriage or remarriage could alter your wishes regarding how assets are divided.
Changes in your financial situation should also prompt a review of estate planning documents. Perhaps you've inherited a significant amount of money, purchased or sold a business or experienced an unexpected windfall. An outdated will might not reflect your current asset distribution intentions. Similarly, if you've sold off a major asset, part of which you'd earmarked for a specific beneficiary, your will or trust may need to reflect that change. Beyond financial circumstances, legal and tax code changes might impact how certain assets are treated or might introduce other implications.
The people you designate to handle your estate after you're gone — namely, the executor of your will and the trustee of your trust — must be considered as well. If your originally chosen executor has passed away or has become incapacitated or simply no longer desires the role, you'll need to name a replacement. The same goes for the successor trustee named in your trust document.
For all these reasons, making a will or trust should not be a one-and-done task. As seasoned estate planning attorneys, we recommend revisiting your will or trust every three to five years, in addition to reviews prompted by major life events. This ensures your documents remain up to date and compliant with current regulations and maximizes the benefits for those you intend to receive them.
At Gesmonde, Pietrosimone & Sgrignari, L.L.C. in Hamden and East Haven, we assist Connecticut clients in the review and update of their wills, trusts and other estate planning documents. Please call 203-745-0942 or contact us online to schedule a free consultation at our offices or to arrange a virtual meeting.
Gesmonde, Pietrosimone & Sgrignari, L.L.C. is located in Hamden, CT and serves clients in and around North Haven, Hamden, Waterbury, Bethany, Milford, Wallingford, Prospect, Woodbridge, Northford, Madison, Beacon Falls, Branford, Cheshire, North Branford, East Haven, Naugatuck, Meriden, Ansonia and New Haven County.
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