Is It Time to Update Your Will?

Here's what you need to know about keeping your will updated and current.

Whether you created your will and solidified your estate plan last year or ten years ago, it could be time to update it. While estate planning is an important part of planning your life and protecting your assets, it's vital that you keep these important documents up-to-date. Although your will may not have an expiration date on it, understand that in certain situations, it may become prudent to update these documents. If you've been wondering whether your will is still valid or if it's time to modify it, there are a few things you should consider.

Did you recently buy new property?

If you have acquired new assets, such as land or housing, it may be time to update your will. Make sure that your will accurately reflects your current belongings, including both physical and financial assets. Additionally, you may want to speak with your attorney about creating a trust that will protect your belongings after you pass away. Whether you want to make sure that your assets will remain in your family or that they will be handed over to someone you trust, the right type of trust can help you with this.

Do you have more children?

Understand that if you have had more children, you should update your will to reflect this. This is important whether you have chosen to have your belongings dispersed by percentages to each child or by giving specific assets to each of your heirs. Although your family size may grow and change, it's important to keep your will as up-to-date as possible so that you can include each heir you want to.

Have you disowned a family member?

Unfortunately, even the best families sometimes have disagreements or quarrels that can lead to stress, anxiety, and strife. If you have disowned a family member, it is imperative that you update your will. This is because you can choose to disinherit someone in your will. If there is a specific person whom you do not want to benefit from your estate, updating your will with this information can protect your assets.

Have you divorced your partner?

Going through a divorce can be incredibly difficult both emotionally and financially. While you probably updated your bank accounts and your insurance information, have you updated your will? If you separate from someone, you may no longer wish for them to be a beneficiary listed in your will. Meet with your attorney promptly after your divorce to discuss altering your will. This can help protect your business, as well as your properties, from being given to your ex-spouse after you pass away.

Anytime you have questions about the ins and outs of your will, it's important to meet with your lawyer. Your estate attorney understands just how sensitive this topic can be, so you can expect to be treated with trust and consideration during this time. Don't wait to update your will. Anytime a major life event occurs, consider updating your will so that it will be as accurate and current as possible.