There are many reasons to review and update your Will and other estate planning documents.

Once they make a Will, many people will file it away or leave a copy with their lawyer, and forget about it. However, there are many reasons to review and update your Will and other estate planning documents. For instance, let's say you've found the love of your life and want to make sure they are included in your estate plan, either before or after marriage. Now is the time to update your Will. Had a baby or adopted a child? Now is the time to update your Will. Are you going through a divorce with the former love of your life? Now is the time to update your Will. Did you just come into a whole lot of cash or other assets? Now is the time to review and possibly change your Will. Have you started a new business, either on your own or with a partner or two? Now is the time to review your Will and prepare a succession plan for the business. While the reasons may be endless, here are a few more possible life changes that may prompt you to change your estate plan.

____ The individuals you have named are deceased.

____ New people should be named in your Will (e.g. birth, adoption).

____ Divorce or marriage.

____ New state laws. You need to periodically check to see whether your state has enacted new laws that impact your estate planning documents. More importantly, if you move to a different state, don't assume that your Will made in your previous state conforms to the requirements of your new state. Each state has its own legal requirements for making a Will.

____ Change in guardians, personal representatives, or trustees.

____ Children reach the age of majority.

____ A substantial increase or decrease in the value of your estate.

____ The acquisition or disposition of a significant asset.

____ You should see a lawyer about reviewing and updating your estate plans prior to reaching 72 years old if you have an IRA, 401(k), or other qualified plan that requires you to begin to take distributions at age 72. The beneficiary that you designated will have an irrevocable impact on both your and your beneficiary's required distributions.

____ The passage of time is reason enough. You should review your Will and estate planning documents every three to five years.

If you have an estate plan that needs to be reviewed, or if you don't have one yet and realize it's time to create one, give us a call at 253.858.5434 to set up an appointment today. We represent clients throughout Washington and Idaho and are available to meet in person, by phone, or via video conference.