A few times when it is critical to update your Oklahoma Will or Trust

When Should You Update Your Oklahoma Will or Trust?

Completing your Oklahoma Last Will and Testament or Revocable Trust is an important accomplishment. It gives you the peace of mind that comes from knowing you have made a plan for your family, your property, and the people you want to handle your affairs after your death.

But estate planning is not necessarily a one-time event.

As your life changes, your Will or Trust may need to change with it. A document that accurately reflected your wishes five or ten years ago may no longer fit your family, finances, or priorities today.

Here are a few circumstances that should prompt you to review your estate plan:

1. You have another child or grandchild.
   A new addition to the family may affect how you want your property divided or how you want assets held and managed for younger beneficiaries.

2. Your choice of Personal Representative, Trustee, or other fiduciary has changed.
   The person you originally selected may have died, moved away, become unable to serve, or simply may no longer be the person you want handling your estate or trust.

3. A beneficiary has passed away.
   If someone who was supposed to receive a significant portion of your estate dies before you, you should make sure your documents still distribute that property the way you intend.

4. Your children have grown older.
   An estate plan created when your children were young may have placed their inheritance in trust or imposed restrictions on when they could receive it. As they mature, you may decide those restrictions should be changed—or removed entirely.

5. You divorce, lose a spouse, or remarry.
   Marriage, divorce, and the death of a spouse are all important reasons to review your estate plan. Careful planning is especially important in a second marriage when either spouse has children from a previous relationship.

6. Your financial circumstances have changed.
   Buying or selling a business, acquiring real estate, receiving an inheritance, or experiencing a significant increase or decrease in your assets may justify changes to your estate plan.

7. You have simply changed your mind.
   Your estate plan should reflect what you want today—not what you wanted years ago. You may want to change who receives your property, how much they receive, or who will be responsible for administering your estate or trust.

There does not have to be a dramatic event before you review your estate plan. Even if nothing significant has changed, it is a good idea to periodically look at your documents and make sure they still reflect your wishes.

The goal is simple: your Will and Trust should reflect your current family, your current circumstances, and your current intentions.

If your circumstances have changed—or if it has simply been several years since you reviewed your estate plan—feel free to contact me to discuss whether your Will or Trust should be updated at sjr@shawnjroberts.com.