When To Review a will/trust?

Establishing a will or trust and other associated estate planning tools, is not a once-in-a-lifetime process.  Laws and circumstances change making the documents inappropriate. If your will or trust is over 10 years old (and a good idea at 5 years), you NEED to pull it out and give it a thorough review. After you read it, ask yourself these questions:
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1. Do you understand what your plan says/directs?
2. Are the instruction for asset distribution still appropriate/accurate?
3. Are all your agents/executors/PRs still alive, related, friends, etc?
4. Have you made any major gifts or loans to your children/beneficiaries that should be noted or considered as an advance on their inheritance?
5. Did you make a provision for an asset you no longer own (like giving the house to one child, but you have since sold it)?
6. Do you have any family "understandings" that might conflict with your estate planning documents and/or not be in writing?
7. Is your asset level significantly different (higher OR lower)?
8. Have you moved to a different state with different probate/trust laws or estate taxes?
9. Has your relationship status changed (widowed, divorced, coupled, 

​If you answered yes to any of the above, you should have your estate planning attorney review the documents and suggest appropriate updates. Even if your trust is irrevocable, you may have options to decant (distribute the assets to a new, but similar trust) or make amendments to it under your particular state laws, like Washington. 

We love to educate our clients about the options and techniques available to them as well as how trusts and estates work. See some of our answers to frequently asked questions and common misconceptions on our website. For assistance with Spokane and Washington state wills, trusts, probate, trust administration, and business formation and succession, call Megan Lewis Law, PLLC at (509) 242-3432 or email admin@meganlewislaw.com.

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