When I was a kid, I really wanted a remote-controlled hovercraft.
I thought it looks awesome. I mean, just the idea of a flying remote-controlled car was amazing. So I saved up my money and bought one. Can you guess what happened next?
If you said, “I used it a few times and then never touched it again,” then you would be correct. The thing took like 37 hours to charge and you could only use it for two minutes until you had to charge it again.
I was really upset about it at the time. I kept thinking, “If only I could exchange this toy for another!” Unfortunately for me, Toys “R” Us hates children and refused to give me my money back. And that’s why I became a lawyer. For justice.
Here’s the good news: there is no Toy “R” Us return policy for your estate planning documents. You can update them, change, exchange, or revoke them entirely as long as you are alive and competent (with a few exceptions).
When should I amend my Will or Trust?
Some attorneys may try to convince you that your Will or Trust needs to be amended whenever you go through any significant life change. Buy a new house? Amend your Trust. Have a grandchild? Amend your Will. Finish binge watching Friends? Amend, amend, amend.