Estate planning involves more than just creating a will. As your life evolves, so should your estate plan. Your will needs regular reviews to ensure it accurately reflects your current wishes and circumstances.
Updating your will protects your legacy and your loved ones. By staying proactive, you can avoid unintended consequences in your estate distribution.
These events warrant a will update
Your life can change significantly over time, affecting how well your will serves its purpose. You should consider updating your will if you experience these major life events:
- Marriage or remarriage: Your new spouse might alter your asset distribution plans. You may want to provide for your partner while protecting children from previous relationships.
- Divorce or separation: Removing an ex-spouse from your will becomes crucial. While some states automatically revoke provisions for ex-spouses, updating your will adds clarity.
- Birth or adoption: New family members might become beneficiaries. You may need to name guardians for minor children or establish trusts for their care.
- Death of a beneficiary: Assets intended for a deceased beneficiary require redistribution. This step prevents parts of your estate from falling into intestacy.
- Significant financial changes: Inheritances or business sales can impact your estate plan. You might need to address new tax implications or include additional assets.
- Relocation to a different state: Estate laws vary across states. A move often necessitates a review to maintain your will’s validity and effectiveness.
- Relationship changes: Estrangements or reconciliations might prompt you to adjust your beneficiaries.
- Health issues: Significant health changes for you or your executor may require reconsideration of your choices.
Even without major life events, reviewing your will every three to five years helps ensure it aligns with your current wishes. An experienced attorney can guide you through the process of updating your will, navigating complex legal requirements and ensuring its continued validity and effectiveness.
Maintaining an up-to-date will is a great way to demonstrate care for your loved ones and attention to detail in your affairs. This proactive approach gives you peace of mind, knowing your final wishes will guide your estate’s distribution.