Estate planning is a complex subject, and there are many different issues that converge to make your estate. However, if there is one central point to all of these entangled matters, it is the will. Your will is incredibly important and it provides the backbone to your entire estate. Without one, your estate may be in disarray and your beneficiaries may not receive what you want them to receive. Even with one, you need to update it frequently, lest you risk the provisions and information contained within the will no longer being accurate.
So this begs the question: when should you update your will, and what reasons or life events warrant a review of your will? There are many to choose from, so let’s look at a few:
- Children and grandchildren. If you have them, or if they turn 18, you should review your will and make sure they incorporated into the document and assigned the appropriate inheritance.
- Marriage and/or divorce. When you get married, you will likely want to include your husband or wife in your will. And if you get divorced, you will likely want to remove your ex from the will. It all depends on the circumstances and your feelings, but these are crucial life moments that should make you review your will.
- A change in laws or your estate’s value. If state laws change in regards to estates or wills, then you should review both. Additionally, if your estate greatly increases or decreases in value, then an update may be necessary.
Source: FindLaw, “Checklist: Reasons to Update Your Will & Estate Planning Documents,” Accessed March 14, 2018