If you have a will, you have taken the first step to prepare for the future. Unfortunately, many people choose to write a will but forget to make important updates. Failure to update your will could result in serious problems in the future. Read the following list to learn why it is important to update your will.
- Changes in assets. If you have experienced a loss or gain in assets, you may need a different estate plan.
- You get married or divorced. If you have recently been married or gotten divorced, you may need to update your will to reflect your current wishes. This may include changing how your assets will be distributed after your death.
- Tax law changes occur. Speak with your attorney about possible tax laws and whether they will affect your estate and your family.
- Death of someone named in your will. If someone who you have named in your will dies, you will need to update your will.
- You adopt or give birth to a child. Once a child joins your family, you will want to update your will so that you can name a guardian who will care for your child if you are ever unable to.
- You change your mind. As you get older and have different life experiences, you may feel the need to change your will. This may include naming a new executor, guardian, or changing how assets will be distributed after your death. If you change your mind, you are always able to make updates to your will so long as you are alive and well.
- You’ve moved. If you move out of state, it is important to speak with your estate planning attorney. Each state has different laws and it is important to make sure that your will is effective.
If you experience any of the above life changes, it is important to make sure that you update your will. Otherwise, it is recommended that you meet with your estate planning attorney every 3 to 5 years to review and update your estate planning documents.
If you have questions about your will, consult with a qualified estate planning attorney.