Updating your estate plan can be based on time intervals and life changes

Your will is a crucial component of your estate plan. A will is not a set-it-and-forget-it document though. Now and again, it’s important to review and update your Oregon will so that it continues to reflect the realities of your situation and preferences.

When to review and update your will

Some people look at their will every year. Others might look at their will only every 5 years. Timeframes such as those are an important baseline.

If your life is in the midst of lots of changes, looking over your will once a year and comparing its provisions to your life can be a good idea.

At a minimum, consider reviewing your will every 5 years.

Even more important than time intervals is reviewing your will when you have changes to your life.

Life changes can be an important opportunity to review and update your Oregon will

At a high level, here are some life changes that can be really important opportunities to review and update your Oregon will:

• Birth or adoption of a child
• You’ve moved, whether to a different address and/or a different state
• Minor child named in will becomes an adult
• Death of anyone named in your will, such as a beneficiary or executor
• Marriage or divorce (especially if any stepchildren are involved)
• Major change in assets
• Shifts in how you want your estate to be used, such as donations to nonprofits or a change in assets gifted to people named in your will
• Your biological or adopted child marries
• You’ve decided to exclude someone from your estate
• New state or federal laws that affect your plans come into effect

Oregon will update FAQ

Why do people update their will in Oregon?

People update their Oregon will because there have been changes to their circumstances and/or preferences. Big life changes might include a child’s birth, a friend or relative’s death, marriage, divorce, or moving to a different state. Choosing to change your will could also stem from other choices, such as deciding you want to exclude someone from your estate, or prioritizing a nonprofit in your giving.

How long should you keep your current Oregon will?

How long you should keep your current Oregon will is as long as it is relevant to your life circumstances and choices. Depending on overall life and situation, a person might check their will annually. Checking your will for potential changes every five years can be a good interval. Anytime you have a major life can also be a crucial time to update your Oregon will.

What is it called when you update your will?

An update to your current will is called a codicil. A codicil is a legal document that specifies changes to your existing will, without the need to replace it with a completely new will.

What if I’m not working with the estate attorney who made my will?

It’s okay to work with a different estate attorney than the one who made your will. Especially if you have moved from another state, you’ll need to work with an Oregon estate attorney, so that your will reflects Oregon law.

Updating your will: Important decisions aided by caring expertise in estate planning

Making a will in the first place was a smart choice that can help your wishes be carried out. As life goes on though, other changes happen. When you review and update your Oregon will, you continue to check in on your preferences, and provide for those who matter to you.

Updating your will is a process that can be full of important decisions with varying legal implications. Having a caring, experienced Oregon estate lawyer by your side can help.

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