When a person updates their will and estate plans, they’re ensuring that their assets will be distributed according to their wishes and that their legacy will live on after they're gone. A will and similar estate documents should never be thought of as set in stone; in fact, they should be revisited regularly to confirm they reflect an individual's current life situation. Below are a few items to bear in mind when updating wills and estate plans.

4 Items to Keep in Mind When Updating Your Will & Estate Plans

1. Update Them Every Few Years

At least every three years or so, go over the terms of your will and make sure it is up to date. If there has been a marriage or divorce, a birth or a death, or the sale or purchase of a new asset, such as a house or car, you may need to amend the document more frequently. Basically, you want to confirm that the people and assets included in the will are still in your life and that new people and assets are accounted for.

2. Re-evaluate When Children Turn 18

Many parents of minor children choose to include special provisions in their wills and estate plans for the care of the kids in the event of the parents' deaths. Once your children are legal adults, they will no longer need a legal guardian appointed or specific funds set aside for their childhoods and primary educations. When a child reaches 18, adjust your plans to include them as an adult.

3. Be Mindful of the Required Minimum Distribution

A required minimum distribution (RMD) is a required amount of money that must be withdrawn from an IRA account when the account holder reaches 70.5 years of age. If you're 70.5 and have an IRA, this means that the amount of money designated for beneficiaries in your estate plans may now be different. Revise the amount in your plans so they encompass the new funds in your IRA.

Zebley, Mehalov & White, P.C., will help you update your will and estate plans to reflect your current wishes and ensure your assets are cared for. Since 2001, they have been serving Fayette, Washington, Greene, and Westmoreland counties in Southwestern Pennsylvania. In addition to wills and estates, they offer legal representation in bankruptcy, family, Social Security, criminal, and real estate law cases. Call (724) 399-9200 to schedule a consultation or visit them online to browse their services.