How do you know when it’s time to update your will? 

On Behalf of | Dec 15, 2022 | Estate Planning

We all know that we should have a will in place. It’s a way of making sure your loved ones receive the inheritance that you’ve worked so hard to build for them throughout your lifetime. You also want to make sure that the process of handling your estate after you pass away is as easy as possible for your family. 

Over time, life changes and so it might be a good idea to revisit your will and make sure it still reflects your wishes. Certain life events, such as the ones below, may prompt you to update your will. 

There have been births, deaths, a marriage or a divorce

All of the above are big life events that can have a significant impact on who you’d like to benefit from your estate after you pass away. It’s important to make sure your will always reflects your current situation and is clear as to who you’d like as your beneficiaries. 

This can avoid disputes and challenges to your will from parties who are either not named, or those who are named and the other beneficiaries feel they should no longer be. 

Your financial situation has changed

Over time, finances can change drastically – both good and bad. If you’ve recently come into a significant amount of money or conversely, your investments are not doing as well as you’d like, you might want to account for this in your will. 

If you’ve designated a certain amount of money to each child, for example, you may want to consider whether this is still part of your goals. If it’s not, you can amend it to a new amount. 

Revising your will does not need to be a difficult or time-consuming process. Having some legal help is the best way to make sure your wishes for your beneficiaries are properly documented.