A will is a crucial document outlining the distribution of your assets after you pass. However, life constantly changes, and your will should reflect these changes. But when exactly should you consider updating this important document? Below are key moments that might prompt a review of your will.
Major life changes
Life is full of significant events that could dramatically alter your circumstances. These events may require a review of your will:
Getting married or getting divorced
Marriage or ending a marriage may significantly impact your estate planning needs.
The birth or adoption of children
New additions to your family may require changes to your beneficiaries and guardianship arrangements.
Loss of a named individual
Should a person mentioned in your will pass away, it may be necessary to revise your document accordingly. This ensures your wishes are still accurately represented and executable.
Substantial changes in assets
Acquiring or losing significant assets might affect how you want your estate distributed.
Changing laws and regulations
Laws and regulations are constantly evolving, and these changes could affect your will’s validity or effectiveness:
Tax law changes
New tax regulations might impact the most efficient way to distribute your assets.
Estate law updates
Changes in estate laws could affect the interpretation or execution of your will.
Healthcare directive modifications
Updates to healthcare laws might require revisions to your living will or healthcare power of attorney.
Updating your will is not a one-time event but an ongoing process. Reviewing your will every three to five years is generally a good idea, even if you have yet to experience significant life changes. This ensures that your will reflects your wishes accurately and complies with current laws.
If you are still determining whether your will needs updating, consider consulting an attorney. They could provide guidance tailored to your situation and ensure your will accurately reflects your wishes.