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When should you update your will?

On Behalf of | Apr 17, 2023 | Estate Planning | 0 comments

When you created your estate plan, you likely included a last will and testament in these plans. This document provided an opportunity for you to name an executor for your estate and to list a guardian for any minor children you have.

According to the American Bar Association, a will is also a document where you can determine how to distribute certain property you own after your death. And while your will may feel complete right now, there are certain situations in life that should prompt you to alter this document.

When your family grows

When you bring a new child into your family, either through birth or adoption, plan on looking over and updating your will. This will ensure you have a legal guardian listed for every child under the age of 18 under your care.

When you get married or divorced

If you get married or end your marriage, change your will. You would likely not want, for example, your former spouse receiving some of your assets after your death if he or she is currently included in your will.

When your financial situation changes

If your financial situation changes and there are more assets to distribute after your death, plan on revising your will. Any assets left unaccounted for could end up left to the state to distribute if not included in your will.

In addition to these life situations, you should plan on looking over your will approximately once a year. This will give you the chance to make sure your will continues to align with your current wishes.