Creating a will is a responsible step all adults should take. However, you may not realize that wills aren’t “set-it-and-forget-it” documents.
Several situations in life require you to update your will to ensure it reflects changes that occur in your life. Knowing when to update your will is essential.
Divorce, marriage or death
When you create a will, you ensure it reflects your current life. You have likely named your spouse as a beneficiary if you are married. They may also be your financial and medical power of attorney. If you divorce or if your spouse passes, this information must be updated.
The same is true if you get married. Your new spouse should be added to your estate planning documents.
Having a child
If you have your first child or another child, adding them to your will is important. You need to ensure they are provided for in your will and that a legal guardian is named if something happens to you.
Your assets change
Have you recently won the lottery or received assets from a deceased relative? If so, you need to update your will to reflect what will happen with these assets when you pass. You may also want to protect the money from taxes or set up college savings plans for your children. Updating your will and other estate documents allows you to reflect the changes.
Don’t wait to update your will
You may be tempted to wait to update your will and other estate documents thinking you have plenty of time. Unfortunately, this isn’t always the case. Because of this, it’s smart to make changes to your will as changes occur in your life.