Wills & Trusts Lawyer Chester
Creating a will or trust is an essential step in ensuring that your estate is distributed according to your wishes. At Brandywine Estate & Probate Lawyer, our skilled wills & trusts lawyer provides personalized estate planning services to individuals and families in Chester. Whether you need to draft a simple will or establish a complex trust, we are here to help. Schedule a consultation today by calling 484-285-5707.
Why You Should Revisit Your Will or Trust as Life Changes
Creating a will or trust is an important step in estate planning. But drafting the documents is only part of the process. As life unfolds, your circumstances change—and when they do, your estate plan should change with them. Keeping your will or trust up to date ensures that your assets are handled according to your current wishes, and that your loved ones are protected in the way you intend.
Far too often, people create a will or trust, file it away, and never look at it again. Years may pass, and by the time the document is needed, it no longer reflects the person’s true wishes or life situation. To avoid this, it’s important to periodically review your estate plan and make updates when needed.
Here are some of the most common reasons to revise your will or trust and why doing so helps prevent problems later.
You Experience a Major Life Event
A major life change is one of the clearest signals that your estate plan should be reviewed. These events can affect who you want to inherit your assets or who you trust to make decisions on your behalf. Examples include:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- Death of a spouse, child, or named beneficiary
- A significant change in your health
- A move to another state
Each of these changes can directly impact the instructions in your will or trust. For example, a new child may need to be added as a beneficiary, or a divorce may mean removing your former spouse. Without updating your plan, your assets might not be distributed as you currently intend.
Your Financial Situation Changes
An increase or decrease in your financial assets is another good reason to revisit your estate plan. This might include:
- Starting or selling a business
- Receiving a large inheritance
- Buying or selling real estate
- Acquiring valuable assets like art, vehicles, or investment accounts
- Experiencing a financial setback
If your estate grows in value, you may want to rethink how your assets are divided or whether your current plan minimizes taxes effectively. If your financial situation becomes more complex, a trust may need to be updated to manage certain assets or provide greater protection for beneficiaries.
A Beneficiary’s Situation Changes
Sometimes it’s not your life that changes—it’s the lives of the people named in your estate plan. A child may reach adulthood, a beneficiary might develop special needs, or someone may go through a divorce or experience financial troubles. In these situations, you might want to adjust how assets are given, who receives them, or when they are distributed.
For example, if a beneficiary is struggling with money management or legal issues, you may prefer to use a trust with more oversight rather than leave assets outright. Or, if a child has become financially secure on their own, you might decide to redirect assets to someone else in greater need.
You Want to Change Your Executor or Trustee
The people you choose to manage your estate—your executor, trustee, or power of attorney—should be reliable, capable, and aligned with your wishes. But over time, the right person for the job may change.
Maybe someone has moved away, is no longer in good health, or simply isn’t the best choice anymore. Updating your documents ensures that the people handling your affairs are still the ones you trust to do so. It also prevents confusion or delays if your original choice is unavailable when needed.
Laws Have Changed Since You Last Updated
Estate planning laws are not static. Both federal and state laws change over time, and those changes can affect how your will or trust works. For example, updates to tax laws might mean your estate plan no longer offers the best tax-saving strategies. Or a change in probate rules could affect how quickly your estate is settled.
An outdated will or trust might not take full advantage of current laws, or worse, could include provisions that are no longer enforceable. An experienced estate planning lawyer can review your documents and make sure they are legally sound and optimized for today’s legal landscape.
You Haven’t Reviewed Your Plan in Years
Even if nothing major has changed, it’s a good idea to look over your will and trust every few years. Life moves fast, and what felt like a solid plan five or ten years ago may not reflect your current goals or family structure. You may have new charitable interests, new relationships, or new priorities that aren’t reflected in your current documents.
A regular review also gives you peace of mind. It confirms that your estate plan is still valid, still accurate, and still aligned with what you want for your family and legacy.
You Want to Add More Specific Instructions
Wills and trusts don’t just handle the transfer of assets. They can also include specific instructions for how and when those assets are used. You may decide later that you want to set conditions on an inheritance, support education costs, or protect an heir from creditors or divorce. These changes can be made by updating the terms of your trust or revising your will to include more detailed directions.
Trusts are especially flexible in this regard. They can be customized over time to fit new concerns or opportunities as your family’s needs evolve.
You Start Planning for Long-Term Care
As you age, long-term care becomes an important consideration. Medicaid planning, asset protection, and medical directives often become priorities. Updating your will or trust to account for these concerns ensures that your estate plan supports your broader health and financial goals.
A trust, in particular, can be structured to protect assets from being spent down on long-term care, allowing you to qualify for assistance while still preserving resources for your heirs.
Build a Strong Foundation with a Wills & Trusts Attorney
A well-prepared estate plan brings peace of mind and lasting security for your loved ones. At Brandywine Estate & Probate Lawyer in Chester, our trusted wills & trusts attorney can help you create a clear, enforceable plan tailored to your goals. Secure your future and protect your family—call 484-285-5707 to schedule your consultation today.