Updating a will is a critical part to your estate plan. It ensures that all of the provisions are correct and that your assets would be passed on to the correct people and entities when you die. Under this context, the mere passage of time is a reason to check your will to make sure that everything is correct and that if certain aspects are incorrect, that they are corrected and updated quickly.
There are many other events and moments that can trigger the need to update your will. For example, did one of your potential beneficiaries or heirs pass away? If so, you need to update the sections of the will that pertain to them.
Life events such as marriage, divorce, childbirth and adoption necessitate a review of your will. Also, when your children reach the age of 18, you should update your will accordingly.
Here are some other reasons to update your will:
- New states laws that pertain to wills and estate planning could necessitate an update to your will.
- If you obtain a new asset or there is a change in your trustee or guardian, then your will should be updated.
- If the value of your estate dramatically increases or decreases, then it is time to review the provisions your will contains.
Frequent reviews to your will protects you, your family and your beneficiaries from potential legal problems and mistakes down the line. Make sure you review your estate often with an attorney.
Source: FindLaw, “Checklist: Reasons to Update Your Will & Estate Planning Documents,” Accessed May 24, 2016