Q. How often should I revise my will or other estate planning documents? When should I review my insurance portfolio?
A. You should review your will, and your estate plans every time you experience a change in your life.
You should also review your beneficiary accounts (accounts which do not pass through a will or trust) to make sure that you have named the proper beneficiaries and that their information is current. You should also keep track of your insurance coverage.
Samples of change of life are: marriage, divorce, birth of a child, disability of a beneficiary who may be eligible for public benefits, remarriage, substantial change in financial circumstance, development of a serious illness, death of spouse or significant other, change in life style which includes extensive travel, entering into a dangerous profession.
It is actually good practice to review your important documents at least every couple of years even if you don’t think much has changed in your life. It is a good way to take inventory and plan on a timely basis to avoid nasty surprises.
– Milwaukee Bar Association Lawyer Referral and Information Service attorney Margadette Demet.
Have a question for Ask A Lawyer? E-mail bwegner@milwbar.org. And visit Milwaukee Bar Association’s Lawyer Referral Service at www.findmilwaukeelawyers.org for additional information.
