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How Often Should I Review My Estate Planning Documents? June 9, 2017

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How Often Should I Review My Estate Planning Documents?, Wisconsin Rapids, Wisconsin

It is never too early to think about estate planning, and the sooner you draft a will, the more peace of mind you will have. However, once you do create a will, it is essential that you review it periodically and update it as needed. If you have inquiries regarding the financial security of your family after you pass, turn to Modern Woodmen | Scott S. Paterick CLU CHFC in Wisconsin Rapids, WI. Below, this financial planning firm answers some of the most frequently asked questions about reviewing your estate plan.

Estate Planning FAQ

How Often Should I Review My Will?

Review your will annually, even if you did not undergo any major life transitions during the prior year. Your desires may shift from year to year, and if you don’t make it a habit to review your estate planning documents periodically, you may not remember to make adjustments when a life change actually necessitates one.  

What Kind of Life Changes Warrant a Review of My Estate Plan?

estate planningIn addition to reviewing your will at regular intervals, you should also update it after every major life transition. That means you should revise it after getting married, having children, getting divorced, purchasing a home, selling a home, or receiving an inheritance. In general, you should update your will after experiencing a significant change to your financial situation or personal relationships.

Do I Still Have to Review My Will After I Retire?

Although you might not necessarily acquire any additional assets after you retire, it is still a good idea to look over your estate planning documents periodically. Your personal relationships may evolve over time, which could warrant making changes to certain beneficiaries.

How Do I Update My Will?

After talking to a financial advisor to confirm that the changes you want to make will benefit your loved ones, your lawyer can help you update your will. As long as you are organized, updating your will is an easy process.

If you have questions about estate planning, turn to Modern Woodmen | Scott S. Paterick CLU CHFC in Wisconsin Rapids, WI. Visit the firm online to learn more about the financial strategies they devise for clients, including business planning and brokerage services, and call (715) 424-1873 to make an appointment today.


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