A will is a legal document that details your wishes for the distribution of your assets after you pass away. It also appoints an executor who will be responsible for carrying out these wishes. While creating a will may seem like a one-time process, it's important to review and update your will periodically.

Why Update Your Will?

Change in Marital Status

It's crucial to review and update your will when you get married, divorced, or enter into a domestic partnership. These changes can impact how your assets are distributed and who inherits them.

Birth or Adoption of Children

Welcoming a new child into your family is an exciting and life-changing event. However, it's important to ensure that your will reflects this change and includes provisions for your children.

Changes in Finances or Assets

Your financial situation can change over time, which may require updates to your will. For example, if you acquire new assets or sell existing ones, you may want to update your will to reflect these changes.

Relocation to a Different State or Country

Laws surrounding wills vary from state to state and country to country. If you move to a different location, it's essential to review and update your will according to the laws of your new residence.

Changes in Health or Medical Conditions

If your health changes or you are diagnosed with a new medical condition, it's important to ensure that your will reflects any necessary adjustments. This may include adding provisions for long-term care or appointing a healthcare proxy.

When Should You Update Your Will?

Every Few Years

It's generally recommended to review and update your will every few years, even if there have been no major changes in your life. This allows you to ensure that your will still accurately reflects your wishes and any changes in laws.

Major Life Events

As discussed earlier, major life events such as marriage, divorce, or the birth of a child should prompt a review and update of your will.

Changes in Assets or Finances

If you come into a large sum of money or acquire new assets, it's important to review and update your will accordingly.

Changes in Personal Relationships

Relationships with family members and friends can change over time. If you no longer wish for a certain individual to inherit from your estate, it's essential to update your will to reflect this.

Changes in Laws

Laws surrounding wills and estates can change over time. It's important to stay informed about these changes and update your will accordingly to ensure that it remains valid and enforceable.

Reach out to a local estate planning lawyer to learn more.