Creating a will is a crucial step in protecting your loved ones and ensuring your final wishes are fulfilled. However, writing a will is not a one-time event.
Life changes, and a will should reflect this. Keeping it up to date helps ensure it meets your current situation and intentions.
Here are some common reasons you may need to update your will.
Major life events
Major changes in your life often mean that your estate plan needs to be updated. Marriage, divorce or the birth of a child are good reasons to review your will. You may also want to update it after adopting a child, gaining stepchildren or losing a loved one.
If you move to another state, it is a good idea to check if your will still meets local legal requirements. States have different rules about wills, and an out-of-date document could cause delays in the probate process.
Changes in assets
Your will should match your financial situation. If you sell property, start a business or receive an inheritance, it is a good idea to update your will. A new will can direct how your new or changed assets should be handled.
Failing to update your will could mean your property is not distributed the way you intend. It can also create extra work and stress for your loved ones during an already difficult time.
Updates to beneficiaries or executors
Over time, your relationships may change. You may want to add or remove beneficiaries. You may also decide to appoint a different executor if your current choice is no longer available or suitable.
Keeping your will current ensures that the right people are trusted with your wishes. It also helps prevent disputes among family members.
Reviewing your will every few years or after a major life event is important. When making changes, you may also want to seek legal guidance.