Creating a will or trust is a crucial step in estate planning, but it’s equally important to keep these documents up to date. In California, it’s recommended to review and potentially update your will or trust regularly to help confirm they continue to reflect your current wishes and circumstances. Here are key moments and intervals when you should consider making updates:

Regular Reviews

Every 3 to 5 Years

It’s a good practice to review your will or trust every three to five years. This regular check helps confirm that the documents remain aligned with your intentions and take into account any changes in the law.

Life Events

Marriage or Divorce 

If you get married or divorced, updating your will or trust is important. Marriage might necessitate adding your spouse as a beneficiary, while divorce might require removing an ex-spouse and revising asset distribution plans.

Birth or Adoption of Children 

When you have a new child or adopt a child, it’s important to update your documents to include guardianship arrangements and financial provisions for the new family member.

Death of a Beneficiary or Executor 

If a named beneficiary or executor (or trustee) passes away, you may need to designate new individuals to take their place and adjust asset distributions accordingly.

Significant Financial Changes 

Major changes in your financial situation, such as acquiring or selling substantial assets, receiving an inheritance, or experiencing a significant change in income, may warrant an update to your will or trust.

Other Considerations

Change in Relationship with Beneficiaries or Trustees 

Changes in your relationships with the people named in your will or trust, such as falling out of contact or changes in their circumstances, may require adjustments to your estate planning documents.

Changes in Estate Planning Laws 

Estate planning laws can change, potentially affecting your will or trust. Regular consultations with an estate planning attorney can help ensure your documents comply with current laws and take advantage of new opportunities.

Health Changes 

Significant changes in your health might prompt a review of your estate plan to ensure that it addresses your current needs and intentions for medical and end-of-life care.

In California, keeping your will or trust up to date is important for maintaining alignment with your current wishes and estate planning goals. Regular reviews and updates in response to life events and changes in the law are important practices in estate planning. Consulting with an estate planning attorney can provide guidance and assist in keeping your documents accurate and compliant with applicable law.