Stone Arch Law Explains When and Why You Should Update Your Will

Creating an estate plan is a massive achievement that brings immediate peace of mind, but many people make the mistake of filing the document away and forgetting about it forever. Life rarely stands still, and the document you created five years ago might not reflect your reality today. At Stone Arch Law, the team believes that a will is a living document that needs to evolve alongside your family, your finances, and the law. If you are looking for a wills lawyer in Woodbury, MN, it is essential to work with a firm that understands how local families grow and change over time.

The most obvious reasons to revisit your legal documents are major changes in your family structure. When you get married, your assets may need to be protected or shared in specific ways that a single person’s will would not address. Conversely, if you go through a divorce, updating your estate plan becomes critical to ensure your assets do not accidentally go to an ex-spouse. The birth or adoption of a child is another pivotal moment. You need to name guardians to ensure your children are raised by the people you trust most, rather than leaving that decision to a judge. Even if you already have children, the birth of grandchildren might prompt you to create new trusts or college funds to secure their future.

Your financial situation likely looks different today than it did a decade ago. Buying a new home in Woodbury, acquiring a family cabin, or receiving an inheritance can all trigger the need for an update. Minnesota has specific laws regarding how real estate transfers after death, and owning property in multiple states can complicate probate significantly. If your wealth has grown, you might now be subject to estate taxes that were not a concern previously. A proper review ensures that you are using the right tools, such as revocable living trusts, to minimize taxes and keep your hard-earned assets within the family.

Even if you have not experienced a major life event or a financial windfall, legal professionals recommend reviewing your estate plan every three to five years. Laws change frequently, and a strategy that worked perfectly in 2020 might be less effective under current regulations. Furthermore, the people you chose to handle your affairs years ago might no longer be the best fit. The executor you named might have moved away, developed health issues, or simply drifted out of your life. Regularly reading through your documents allows you to verify that your decision-makers are still willing and able to act on your behalf.

An outdated will can sometimes be worse than having no will at all, because it gives your family false confidence while directing your assets to the wrong people. If you are unsure whether your current plan still works, it is time to have a conversation with a professional who cares about your long-term goals. Stone Arch Law is dedicated to helping you navigate these complex decisions with confidence and compassion. Contact the team today to schedule a strategy session with a trusted wills lawyer in Woodbury, MN and ensure your legacy is secure for the future.