When should you update your will?

Updating your will is a critical part of the estate planning process. Step one is to have a Last Will & Testament. But once you have one, keeping it up to date is vital to ensuring that your assets and property go to the people, beneficiaries, loved ones, and organizations that you want them to got to.

There are a wide range of life events and changes that can occur over the years that necessitate a review and update of your Will, and today we want to talk about some of these so that you can better understand how and why you should update your Will:

  • There are a wide range of events that could make it necessary for you to make changes to your beneficiaries. Have you had a permanent falling out with one of your beneficiaries? Have you had children? Did you get divorced or married? Any of these situations should make you review your Will and possibly include or remove people as beneficiaries.
  • Your estate itself can trigger the need to review your Will. Let’s say that one of your assets is destroyed or loses a significant portion of its value. Or you acquire a new valuable asset, or your estate jumps in value. Any of these situations should cause you to review your Will.
  • Last but not least, be aware of the state laws that apply to your estate and your Will. Changes in laws could, and should, warrant a review of your Will.