When and why should you update your will?
As the minutes pass, the hours tick by, the weeks rolls by, and the months peel off the calendar, many things in your life will change. This happens regardless of whether you have a will or not. But when you do have a will, these changes in your life take on new meaning, aside from their literal one. When a major life event occurs, or a change in your life circumstances occurs, you need to think about your will.
What are some of the possibilities here when it comes to changing your will and life events? Let's discuss a few of them:
- First, your will is going to have numerous beneficiaries. Well what if one of your beneficiaries dies? What if you have a falling out with one of your beneficiaries and the relationship is irreparable? What if someone new becomes very important to you and you want them as a beneficiary? All of these things warrant a review of your will, and possibly a change to some of the provisions.
- Second, what if you get married or divorced? What if you have children or grandchildren? What if one of your children turn 18? In each of these cases, you should look over your will and make changes as necessary.
- Third and finally, there are numerous "other" circumstances that should make you take a look at your will again. Your state's laws regarding estate plans and wills could change. Your estate could increase or decrease in wealth. Maybe enough time has passed since your last will update that you should review it again.
Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents," Accessed Jan. 5, 2018