Wills and estate planning are incredibly important, but a survey from Caring.com found that only about 32% of Americans actually have a will.
Those who haven’t already created a will really should. Even so, many people who have one put it to the side and don’t look at it much again. However, this can be a major mistake.
Trust and will reviews can be very beneficial, so you shouldn’t neglect them. In this guide, we’ll take a look at why you should perform these reviews from time to time.
Keep reading for more.
Understanding Trusts and Wills
Both trusts and wills are crucial parts of estate planning. Each is unique, and they both have advantages.
A trust is a legal agreement that has a trustee manager who handles assets on behalf of beneficiaries. Assets in a trust have several benefits, including:
- Avoiding probate
- Reduced taxes
- Better protection
There are different types, such as revocable trusts and charitable trusts. They’re often used to manage funds and properties, and you can tailor a trust depending on specific conditions and needs.
A will is a legal document that specifies how you wish your assets to be distributed upon your death. They can outline guardianship of minor children and may provide directives for executor responsibilities. Some common elements include:
- Asset distribution
- Debt payment instructions
- Appointment of an executor
Wills typically go through probate for validation and execution.
Factors to Consider
Estate planning in 2025 is crucial. Wills and trusts help protect your assets and ensure they’re distributed as you want them to be.
However, your wishes may change over the years. Without will and trust reviews, any changes you want simply won’t happen. There are several conditions that could affect what you want, making will reviews incredibly important.
Life Changes
One of the most important reasons for will and trust reviews is changes in your life. It’s incredibly likely that things will change over the years, and you want to make sure your estate planning lines up.
There are all kinds of circumstances that could affect how you want your assets to be distributed. Some common examples include:
- Marriage
- Divorce
- The birth of children and grandchildren
- Changes in financial circumstances
When these kinds of events happen, it’s unlikely that your first thought will be your trust and estate strategies. It could be quite a while before you even consider how things like these could impact your will or trust. Many people completely forget to review their asset distributions based on these, leading to potential issues.
Ensuring you have regular reviews will help avoid such problems. You can look at your will and trust to see if it still aligns with your current situation. If it doesn’t, you can make adjustments as necessary. Doing this will help ensure your assets are distributed as they should be.
Legal Changes
The laws surrounding estate planning can change with time. This tends not to happen too quickly, but if it’s been a long time since you reviewed your will or trust, there could be some significant changes that you need to take into account.
Updating things to match new laws will help prevent any issues when it comes to your asset distribution. Make sure you work with a professional on this basis.
A professional estate planning firm can be incredibly helpful here. It’s best to go with one based in Florida as they’ll stay up to date with local laws that you need to adhere to. Whether you want to prepare a will for the first time or update one you’ve had for a while, the right professional can help ensure everything is in order.
Avoiding Disputes
One of the most common issues with wills and trusts is disputes. If there is any kind of ambiguity or room for confusion, there will likely be disagreements. As such, you want to make sure your asset distribution wishes are as clear as they can possibly be.
With that said, something that may have been clear at one time could later cause confusion. If anything is poorly written or outdated, your beneficiaries may spend a lot of time arguing about your asset distributions, and this can cause long-lasting damage to some relationships. Making sure everything is crystal clear will help prevent this.
Regular reviews are one of the best ways to ensure clarity. As things change, you can make sure your will and trust are updated to be as accurate as possible. There’s even a chance you could spot previous details that aren’t entirely clear, and you can make adjustments to help prevent any issues.
Opportunity to Identify and Rectify Deficiencies
DIY wills can contain various problematic characteristics, and one of the most common is inadequate or lack of advice. This can make a will defective or even invalid.
If you don’t identify such issues, they may only become apparent after death. At this point, it could be too expensive and time-consuming to resolve the issue and will likely require a judge to deliberate on your intentions.
Regular reviews are one of the best ways to avoid this. They can help highlight any deficiencies so you can make suitable amendments. You can then have peace of mind knowing that your will and trust have no discrepancies that could cause major issues.
Protecting Your Loved Ones
One of the main purposes of estate planning is to help protect your loved ones once you’re gone. It can help provide financial security, but they can face difficulties if there are any issues with your will or trust. Regular reviews will ensure everything is in order so your assets will be distributed according to your wishes so that your loved ones get exactly what they should.
Professional Guidance With Trust and Will Reviews
Performing trust and will reviews is a very good habit to get into. You should try to do this once every three to five years, or any time there’s a significant life event like a marriage of birth.
Working with a reliable law firm like Boyer Law Firm is crucial. We’ve received several awards over the years and have a 10.0 Avvo rating for our exceptional services. Take a look at our estate planning page to find out more about how we can help you.
