When you create a will, you shouldn’t think of that as a final document. Instead, think of it as a living document that you need to reflect on over time.
When you first create a will, there may be people included that aren’t around you in another five or 10 years. You may change your opinion about something you included in the will or be in a completely different financial situation. That’s why it’s good to regularly update your will.
When do you need to? Here are five times to look into updating your will.
- You have kids
The first time to review a will is any time you have a child or bring a new member into the family. Do you want to include this new person in your will? Would you like to think about guardianship issues or setting them up as a beneficiary? Go over these questions as soon as you can.
- You changed your mind about something in your will
Another time to go back and update your will is if you’ve changed your mind about something that’s in it. You don’t need to explain yourself. All you need to do is talk to your attorney and make the change.
- You have a major change in your financial situation
If you suddenly inherit money or you lose a number of assets, you may need to update your will to reflet your new circumstances.
- You moved
When you move, your will and estate plan could be affected. If you went out of the state, update your will to reflect the new state’s laws. Even if you didn’t, make sure to update information about where you live or where certain assets are if they’ve moved.
- You got married or divorced
Finally, if you got married or divorced, go back over your will to make sure it’s current. You may want to add or remove beneficiaries at that time.
These are five times to consider updating your will. You can review your will whenever you want, but consider doing so during major events in your life.