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Update your will whenever a life change emerges

On Behalf of | Mar 18, 2022 | Estate Planning

You dutifully get annual medical check-ups with your doctor and take care of your car, too, with regular inspections from your mechanic. Your estate plan and will, too, should get the necessary attention it deserves.

A will needs regular updates and should get reviewed every three to five years. Sometimes, though, this important document gets overlooked. You must remember that a will is not a “one-and-done” subject. A general rule to abide by is that whenever things in your life change, your will needs changes, too.

Marriage, divorce and a move

Updating your will protects your estate, your assets and your family. Here are some of those events that should steer you toward changing your will:

  • Marriage: Whether it is a first, second or third marriage, you want to make sure that you include your spouse in the will. With remarriage, understand that your will should include revisions that provide for your new spouse.
  • Birth of children and grandchildren: You want to make sure to provide for them as much as you can. With your minor children, you also need to name a legal guardian.
  • Divorce: Whether the divorce was amicable or contentious, you need to change your will. You likely do not want your former spouse to secure a significant portion of your estate.
  • A home purchase: This is likely the largest asset in your estate.
  • The creation of a business: An idea you have long had could sprout into a major business success. Or maybe your goal is to create a steady family business. In your will, address what should happen to your company.
  • Death of beneficiaries or the executor: Complications may arise when these situations occur.
  • A large inheritance or lottery win: Tax planning is crucial when such windfalls come your way.
  • An out-of-state move: Different laws on estate planning may apply in different states.

These are some of the important life events that should lead you to make changes in your will.

The arrival of peace of mind

Understand the importance of updating your will anytime a significant change takes place. The peace of mind you gain also spreads to the important people in your life. And do not forget to destroy the old will.