How Often Should You Update Your Will?
While your Pennsylvania will won’t expire, it may become outdated, which highlights the importance of thinking of your will as a living document rather than as a static event. Generally, you’re advised to read your will every year or two, to review it with your trusted legal counsel every three or four years, and to make all necessary changes in response to major life events. Our experienced Butler County estate planning attorneys at Schaffranek & Foster welcome the opportunity to help you keep your will in good shape, which can bolster your peace of mind.
Reread Your Will Every Year or Two
Your will reflects your wishes, priorities, and values at the time you create it, and while these are unlikely to change drastically with time, a shift in perspective can arise. The bottom line is that it is a good idea to review your will on a fairly regular basis – if only to ensure that you’re familiar with its contents and to tweak anything that needs it. For example, if you haven’t addressed your digital assets, now is a good time.
Review Your Will with Your Skilled Estate Planning Lawyer Every Three or Four Years
Even if you haven’t experienced a significant change in your life recently, reviewing your )will with your focused estate planning attorney every three or four years is advised. Tax laws evolve over time, and your estate’s best interests may be better served by making some changes. Additionally, your overall finances may have changed more significantly than you realize. When this is the case, it’s important to edit your will accordingly.
Having a skilled legal professional take another look at your will with you comes with the added benefit of putting any niggling doubts to rest. If a change needs to be made, your resourceful estate planning lawyer is there to help. And if no changes are required, the meeting will have restored your faith in an important legal document that reflects your financial legacy.
If There’s Been a Major Change in Your Life, You Should Address It in Your Will Head-On
There are certain momentous events that demand your attention in relation to your will, and each of the following tends to qualify:
- Marriage
- Divorce or separation
- The birth of a child or grandchild
- The death of a beneficiary
- A significant change in your financial status
- Business ownership or the sale of a business
- A change in state or federal inheritance laws
- The purchase or sale of real estate
- Issues or concerns regarding the executor named in your will
Reach Out to Our Experienced Butler County Estate Planning Lawyers Today
The dedicated Butler County estate planning attorneys at Schaffranek & Foster have the legal insight and skill to help ensure that your will accurately reflects your wishes and maximizes the benefits you’re able to bestow on your loved ones. For more information about what we can do for you, please don’t hesitate to contact us online or give our firm a call at 412-643-3848 today.