Your will is an essential estate planning document that details what happens to your assets after you pass on. It provides you with peace of mind, as you can be sure your wishes will be respected, while also protecting your loved ones. Drafting a will isn’t a one-time task. If you experience any of the events detailed below, it’s time to revisit this document and consider making changes. 

5 Times to Revisit Your Estate Planning Documentation

1. You’ve Moved

Estate planning laws vary from state to state. If you’ve moved to a new home since you executed your will, make sure the document is still valid according to your new state’s laws. For example, the number of witness signatures needed to make a will valid isn't the same across all states.

2. You've Gotten Married or Divorced

If you divorce, you’ll likely remove your ex from your will. Conversely, if you marry or remarry, you’ll want to make sure your partner is included in the document. Other familial relationships can also change. For instance, if you have a falling out with a beneficiary, you may want to reconsider leaving them assets.

3. A Beneficiary Has Turned 18

If you drafted your will when your children were minors, you likely named a guardian to care for them. You probably also named a person to handle money and other assets they were to inherit at the age of 18 in the event of your passing. These details are no longer needed once your children are legal adults.

4. You’ve Passed Your 70th Birthday

Make sure to revisit your will once you pass age 70. At 70.5 years of age, you can begin to take distributions from an IRA or 401(k) plan. The beneficiary you have designated to inherit these benefits impacts the required distributions. 

5. Tax Laws Have Changed

Tax laws change regularly at both the state and federal level. Consult an attorney once per year to make sure no changes have been made that impact your estate planning documentation. They’ll advise you of changes and can redraft your will accordingly. 

Ferraro Kruk & Ferraro LLP of Brockway, PA, provides comprehensive estate planning services. This full-service law firm features a team of professionally trained and fully qualified attorneys. Whatever you turn to them for, expect knowledgeable service and honest legal advice. Review their full list of services online. To schedule a meeting with a lawyer, call (814) 268-2202.