Your will was written when you first got married. When it was completed, it was tucked in a drawer and forgotten. Since then, there have been many changes in your life. Now you are in your 50s and find yourself thinking about that will again.
Updating your will is important. You may have experienced unforeseen events that make your current will outdated. Any time you experience a major life-changing event, you should update your will.
Reasons to update your will
There are many reasons to update your will. Some of these reasons are as follows:
- You have a new family member. When a child is born or adopted, you need to add them to your will and appoint a guardian.
- You have moved to a new state or country. Your will needs to be updated to reflect the current laws of your new location.
- You have gotten divorced, remarried or have been widowed. When your marital status changes your will needs to be revised to include new family members and remove those who are no longer with you.
- You unexpectedly come into some money. You may want to revise your will to reflect your financial windfall. Perhaps you wish to set up trusts for your children or grandchildren now that you have the finances available.
- Your health status changes for the worse. Being diagnosed with a terminal illness or degenerative disease upends everything. It is a good idea to update your will now, while you are still able to function and think clearly.
These are just a few of the life events that should prompt you to review and update your will. An experienced legal guide can assist you with this process and help you determine what updates need to be made.