As life changes, your estate planning documents should change with it. Perhaps you recently purchased a home. You may decide that you want to hold the home in your living trust. Your trust may need to be modified to give specific directions as to how the house should be handled upon your passing. After modifying your trust, you may be wondering whether your will needs to be modified as well. In some cases, the answer is yes you need to create a new will, while in others, a new will may be unnecessary.
Ask Yourself These Questions
The answer as to whether your old will needs updating when you modify your trust depends on many factors. Consider asking yourself the following questions to help you decide if you need to create a new will or update the old one:
- Do you still want the same people or group of people to receive your assets when you pass?
- Are you comfortable keeping your executor the same?
- If you have minor children, have you named a guardian?
- If you have named a guardian, do you still want the same person to fill this role?
- Have you decided that you want to leave a specific asset to a specific individual, and it is not outlined in your current will?
- Have you recently moved to a different state?
- Was your old will executed properly?
- Does your will make reference to your living trust?
Depending on your answers to the above questions, you may want to create a new will at the same time that you are modifying your living trust.
Understanding whether it makes sense to create a new will as a result of an update to your living trust requires the guidance and assistance of an experienced legal professional. We understand your concerns and are able to walk you through these decisions with patience and sensitivity. Learn more directly from our many happy clients; visit our client testimonials page today.