When should you update your will?

On Behalf of | Apr 3, 2024 | Estate Planning |

When planning for the future, you may not immediately think of checking your will. However, this document should stay on your mind throughout the years.

Life changes all the time, so it is smart to update your will now and then to make sure it still matches your desires.

Major life events

One of the main times to look at your will again is after big life changes. Events such as marriage, the birth or adoption of a child or the death of a beneficiary or executor can significantly impact the distribution of your assets. After such events, it is important to ensure that your will accurately reflects your current intentions.

Changes in wealth

Changes in your income can also mean it is time to update your will. If you experience a significant increase or decrease in wealth, acquire new assets or undergo changes in your financial obligations, it is important to review your will.

New residence or home state

Moving to a new place can mean you need to update your will to follow the rules in that area. Estate laws vary from one location to another, and what may have been valid in your previous location may not hold true in your new residence. Similarly, new changes in state laws about wills and estates may also lead to a review and update of your will to ensure its continued validity.

Passing of time

Even if nothing notable happens during a long stretch of time, it is still a good idea to take a look at your will every once in a while. Relationships may evolve, priorities may shift and your wishes regarding the distribution of your assets may change. By reviewing your will regularly, you can ensure that it remains up-to-date and accurately reflects your current intentions.

When your loved ones and family members face the uncertainty of an old will that does not state your true wishes, it could lead to a large amount of stress and confusion. Staying current with your will is just one way to leave behind a great gift for those you care deeply about.