Blog The Importance of Updating Your Will and Trusts: Keeping Your Estate Plan Current Apr 09, 2025

Estate planning is a critical aspect of financial security, ensuring that your assets are distributed according to your wishes after your passing. Yet, one often overlooked aspect is the importance of regularly updating your will and trusts. At McFarland Law, we emphasize the necessity of keeping your estate plan current to reflect changes in your life and the law.

As time progresses, various life changes—such as marriage, divorce, the birth of a child, or the death of a beneficiary—can significantly impact your estate planning needs. Each of these events warrants a review and possible update of your will and trusts. Keeping these documents current is crucial not only to ensure your wishes are accurately represented but also to safeguard against potential legal conflicts or unintended tax consequences.

Consider, for instance, the substantial implications of marital status on estate planning. When you get married, it might be necessary to include your spouse as a beneficiary or appoint them as a decision-maker. Without updating your estate plan in these situations, your intentions may not be legally honored, leading to distress for your loved ones. Similarly, after a divorce, failing to revise your will can result in your ex-spouse benefiting from your estate against your current wishes.

Moreover, changes in financial status should also trigger a review of your estate plan. Acquiring significant assets or investments, starting a business, or even liquidating important assets all require careful consideration. Ensuring these changes are reflected in your estate plan can prevent potential probate issues and ensure your assets are handled according to your latest intentions.

Another important aspect to consider is changes in the law. Tax laws, in particular, can evolve and impact the distribution of your estate significantly. Regularly updating your will and trusts in line with these changes can protect your beneficiaries from unnecessary taxation and optimize the benefits they receive. McFarland Law stays informed on legislative changes and can provide insights into how these developments affect your estate planning.

Aside from major life events and legislative changes, a periodic review of your estate plan is generally advisable. Many experts, including those at McFarland Law, recommend revisiting your will every three to five years. This practice ensures all aspects align with your current intentions and that minor changes in your circumstances are adequately addressed.

Through these updates, you can also take the opportunity to revisit the guardianships established for minor children, the powers of attorney, and the health care directives you have in place. These elements are just as vital in ensuring your broader estate and personal plans reflect your ongoing wishes.

In conclusion, regularly updating your will and trust documents is essential to maintaining an effective estate plan. Frequent reviews and adjustments ensure that your plan meets current legal standards and accurately reflects your evolving life circumstances. At McFarland Law, we are committed to assisting you in protecting your assets and wishes now and for generations to come. Partner with us to keep your estate plan a robust and precise reflection of your desires, guaranteeing peace of mind for you and your loved ones.