If you are one of the people in Missouri who has spent the time and energy to make a will, trust or other estate planning document, you should be pleased with yourself for taking this step. However, you should now ask yourself how long it has been since you have reviewed those items? Your estate plan should never be considered static because your life is not static. People come into your life either via marriage or birth. Similarly, divorce and death may take people out of your life.
Fidelity Investments indicates that these are just some of the reasons that may necessitate not only a review but an update of your estate plan. Even without what you might consider a major change, reviewing your will or trust annually is a wise thing to do.
Any time you have a change in your income you should review your plans. Another thing that makes changes to a will or trust important is the purchase or sale of any real estate. If you buy a new home and do not include that in your estate planning documents, your heirs will have more complications to address after you die. You may also end up deciding that you want to leave something to a special charity that has become important to you.
This information is not intended to provide legal advice but is instead meant to give residents in Missouri an understanding of the importance of regularly reviewing their estate plans and having frank conversations with their family members.