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When should you update or change an existing will?

On Behalf of | Jan 12, 2024 | Estate Litigation

Life is constantly changing, and sometimes these changes can affect your legal and financial interests long-term. As these things occur, it may be necessary to update plans and strategies for the future. After certain types of life changes, it is necessary to update your existing estate plans in order to have the right protections in place that you will need for the future. Updating your plans and important documents as needed is an important step for both you and your loved ones.

If you already have an estate plan in place, you will benefit from carefully evaluating the terms of this document from time to time. This can ensure that your designations and the decisions you have made currently match your most recent circumstances. Failure to do this as needed could result in your loved ones dealing with issues during and after your lifetime, including the possibility of estate litigation.

When are changes necessary?

Changes to an estate plan are necessary after major life events. Even if you did not experience a major change in your life, it may surprise you to learn that your plans could benefit from an adjustment regardless. Some of the main reasons why people need updates to their plans include:

  • Divorce or remarriage
  • Birth of new children or remarriage
  • Death of a beneficiary
  • Changes in your financial situation
  • Opening or closing a new business
  • Moving states
  • Changes in tax laws

One of the main reasons people create estate plans is so they can maintain control over very important matters, such as what happens to their personal property after they pass or what types of medical care they may need in the event of incapacitation. By keeping plans updated and current, you can be certain that you are able to have the final say regarding sensitive and important matters.

Potential problems with outdated plans

When one does not properly update plans, it can cause issues for you as well as your Minnesota heirs and beneficiaries. Out-of-date wills can even result in estate litigation and other issues that could lead to legal complications for others. These situations can lead to financial loss, family strife, stress and other issues that may impact you and your loved ones long-term. Whether navigating an estate dispute or learning about important estate planning updates, you will benefit from having professional guidance.