When should you update your will?

On Behalf of | Aug 30, 2023 | Estate Planning |

Creating a will is a crucial step towards ensuring that others respect your wishes when you pass away. However, you should not make a will and then forget about this document.

As your life changes, your will should reflect your new circumstances and situation. For this reason, you should plan on updating your will when certain events happen in your life.

Major life events

According to Gallup, approximately 46% of adults in the U.S. have created a will. Certain significant life events should trigger a review of your will or the creation of one of these legal documents. These events may include getting married, divorced or having a child. If you experience any of these life changes, update your will to include your new family members or reflect changes in your relationships.

Changes to your financial situation

Your financial situation can change over time. If you come into a substantial amount of money, purchase valuable assets or even encounter financial difficulties, you should revisit your will.

Modifications to guardianship

If your will designates guardians for your minor children, update this document if your chosen guardians’ circumstances change. You may also want to take another look at your will if you have developed new relationships that affect your guardianship decisions.

Death or changes among beneficiaries

If one of your beneficiaries passes away or experiences a significant life change, such as a marriage or divorce, it can impact the distribution of your estate. Regularly reviewing your will can ensure that your assets get distributed as you intend.

Even if no major life changes occur, it is still a good idea to review your will periodically. As the years pass, your perspectives on life and family might change, and by updating your will, you can ensure this legal document accurately represents your current thoughts and desires.