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When should I update my will?

On Behalf of | Jun 11, 2018 | Estate Planning

By now you probably know that writing a will as soon as possible is a good idea. Your will clarifies your wants and wishes to your loved ones when you are no longer around to tell them what they are. Having a working will is essential for every person as it will ease some of the pressure off your family when it comes time to decide what to do with your belongings and assets.

Creating your will initially is a great step in planning for your future, but have you thought about updating it? When was the last time you reviewed and made changes to your will? You may not even know when the best time to do this is.

Here are a few examples of situations where you should review your will and make sure it still accurately reflects your wishes.

Marriage or divorce

If you get married this will likely change your will. You could appoint your spouse to be your beneficiary and you may want to re-designate distribution of your property or other assets. If you already have children you may want to change your guardian.

On the other hand, if you get divorced you may want to change your beneficiaries and other parts of your will away from your ex-spouse.

New additions to your family

If you add a child to your family, you will need to adjust your will accordingly. You may want some of your assets or property to go to your new child. You will also need to appoint a guardian for your new child.

Other significant life changes

There are other life changes that could prompt you to update your will, too. Some of these are:

  • Death of a beneficiary or executor
  • Large purchase
  • Large inheritance
  • Retirement

All of these changes could be reason to update your will accordingly.

Having a will is essential but having an updated will is just as crucial. Changes to your life occur every day and it is important your will accurately reflect your life at any given moment.