Creating a last will and testament is a vital step in safeguarding your assets and ensuring your wishes are honored after your passing. Despite the fact that many people procrastinate on this important task, the mere act of having a will puts you ahead of the majority. According to the 2024 Wills and Estate Planning Study by Caring.com, only one-third of Americans have prepared a will. This statistic underscores the necessity of not only drafting a will but also keeping it current.
Updating your will is crucial during various life changes. Major life events, such as marriage, divorce, or the birth of a child, often necessitate a review of your estate planning documents. These changes can significantly impact how your assets should be distributed and who should be responsible for executing your wishes. Additionally, if a beneficiary experiences a major life change—like a marriage, divorce, or the birth of a child—this may also require a reevaluation of your estate plan.
Relocation is another critical trigger for updating your will. Moving to a new state or country can introduce different laws regarding inheritance and estate distribution. It’s essential to consult with an estate planning attorney to ensure your will complies with the laws in your new jurisdiction. Similarly, if your financial situation changes—perhaps through an increase in assets or an inheritance—it’s important to update your will accordingly. A growing estate may warrant a reevaluation of who you intend to inherit your wealth and how that wealth will be managed.
Furthermore, personal preferences can change over time. If you decide that the person you designated as your executor or power of attorney is no longer your preferred choice, or if you wish to modify any other terms, it’s essential to amend your will promptly.
As a general guideline, it’s wise to review your will and estate plan every three to five years, even if no major life events have occurred. This ensures that your will remains aligned with your current wishes and circumstances.
Key Recommendations for Updating Your Will
Review After Major Life Changes: Always update your will following significant life events such as marriage, divorce, or the birth of a child.
Assess Beneficiary Changes: Revisit your beneficiaries if they experience life changes like marriage or divorce.
Consider Relocation: If you move to a new state or country, ensure your will complies with local laws.
Evaluate Asset Changes: Update your will if you acquire new assets or inherit wealth to reflect your current financial situation.
Reassess Personal Choices: Regularly review your chosen executor and power of attorney to ensure they remain your preferred candidates.
Set Regular Review Dates: Establish a schedule to review your will every three to five years to keep it updated.
While having a will is an important step in estate planning, keeping it updated is equally crucial. Regular reviews and updates will help ensure that your wishes are honored and that your loved ones are cared for according to your desires. We can help you navigate these changes and maintain a will that accurately reflects your current life situation. If you have questions or need to update your will please contact us today and schedule some time to review your will and your estate plan.
