Creating a will is an important step, but it isn’t something you do once and forget. As part of National Estate Planning Month, we’re looking at how often you should revisit yours.
Richard W. Stewart, a Shareholder with Johnson Duffie, brings decades of experience across estate planning, business, and real estate law. He has served on the Board of the Central Pennsylvania Estate Planning Council and was appointed by the Justices of the Pennsylvania Supreme Court to chair its Disciplinary Board.
As a general guideline, review your will every three to five years. You should also take another look any time you go through a major life event, such as:
- Getting married or divorced
- Having or adopting a child
- Buying a home or starting a business
- Moving to a new state
- A change in the people named in your will, such as your executor or a beneficiary
A review doesn’t always mean a full rewrite. Sometimes everything still fits, and you can move on with confidence. Other times, a small update keeps your plan in line with your wishes and the people you’d choose today.
It’s also a good chance to check the documents that go along with your will, including your powers of attorney, your living will, and the beneficiary designations on your accounts.
If it’s been a while since you’ve looked at your estate plan, Dick and our estate planning team can help. Contact any of our offices in Lemoyne, Lancaster, Lewistown, or Wyomissing to schedule a consultation.