The majority of Americans do not have a trust, will or any estate planning in place. According to a 2024 study from Caring.com, only one-third of Americans have prepared estate planning documents. There are a variety of reasons for putting off this crucial task: it feels morbid and overwhelming, many people don’t think they have enough assets to warrant a trust or will or they aren’t sure where to begin and need expert help. Whatever the reason, it’s important that you not only start your estate planning, but update it frequently when major life events occur, to prevent leaving a mess behind for your family. Let’s discuss what circumstances you might need to update your trust or will under.

One of the most frequently cited reasons for updating a will or trust is that your marital or familial status has changed. If you get married, or divorced, or remarried, you should update your estate planning documents to reflect your current status. You should also make updates whenever you have new children to include them. Financial planners and estate attorneys have both mentioned this as one of the major sources of dramatic familial disputes after a loved one has died – forgetting to add your latest child to your trust or will as well as updating it after remarrying.

You’ll also need to update your estate planning if your beneficiary has major life changes themselves. If they have become sick, disabled or might be struggling with an issue like substance abuse and can no longer carry out the duties you’ve outlined in the trust or will, you’ll need to update it to reflect that. In some tragic circumstances, they might predecease you and in those circumstances, parents can easily forget to update their estate planning documents.

Another major situation in which you would update your trust or will is moving to a different state or country. You will enter into probate in the state that you die in, so it’s important that your estate planning is adjusted to the laws of that specific state. If you move to another country with different laws around property ownership, executor authority, tax implications and more, you might need to completely overhaul your estate planning.

Any increase or decrease in major assets is also a good reason to update your trust or will. Whether you feel you’ve had any changes warranting an update, looking over your documents every three years is a good practice to make sure you haven’t missed anything major. When any of the circumstances mentioned arise, a financial planner can help you update your trust or will and preserve your assets in the best way possible for future generations. At ClarkSilva, we can guide you through the process of creating a will or trust or provide a helping hand in updating your wishes after important events. Reach out to one of our team members today to learn more about how we can help.