Executing a will is one of the most important decisions you can ever make. With a valid and enforceable will in place, you can rest easy knowing that your hard-earned assets will pass down to the people and causes you care about when you die.
However, a will is not a “one-and-done” business. It’s important that you routinely review and update your will. If your will is outdated and, thus, invalid, your hard work could amount to nothing during probate.
How do you know it’s time to update your will?
You are likely to experience a great deal of personal and financial changes between the date you sign your will and your passing. Here are specific life changes that should prompt you to update your will:
Change in your financial circumstances
Subject to how long you live after signing your will, the following can impact and change your financial circumstances:
- Your health situation and needs
- Changes in your living arrangements
- Changes in taxes
- A financial windfall like winning the lottery or receiving a significant inheritance
These issues can positively or negatively impact your financial circumstance.
Change in your beneficiaries
If you have a child or a grandchild after creating your will, you certainly want to update your will to include your new beneficiary. Besides setting aside inheritance, you also need to designate a guardian for your little one.
And if a beneficiary passes on, it’s important that you update your will accordingly.
Is your will up to date?
A will speaks for you when you are no longer around to make your wishes known. To perform this role, however, it is important that your will is up to date.