When Should I Update My Will?

It’s always a good idea to review your will periodically, even if no major changes have occurred, to ensure that it still reflects your current wishes, as a slip and fall lawyer would advise who sees accidents leading to fatalities where families are left scrambling without a will in place. Consulting with an estate planning attorney can also provide guidance tailored to your situation.

Updating your will is an essential aspect of estate planning, ensuring that your wishes regarding the distribution of your assets and care for your loved ones are honored after your death. While there’s no strict timeline for when to revise a will, several key life events and changes in circumstances may necessitate an update. Below are important considerations and situations to reflect upon regarding when and why it may be time to update your will as shared by our friends at Mitchell & Danoff Law Firm, Inc.

1. Major Life Changes

Life is filled with changes, and many of these can significantly impact your will. Perhaps the most significant events include:

• Marriage: When you marry, it’s advisable to update your will to reflect your spouse as a beneficiary or executor. Depending on the laws of your state, your existing will may not automatically include your spouse.
• Divorce: In the event of a divorce, you may wish to remove your ex-spouse from your will and make adjustments to reflect your new circumstances and relationships. If you don’t update your will, your ex-spouse might inherit under the existing provisions, depending on state laws.
• Birth Or Adoption Of A Child: If you welcome a new child into your family through birth or adoption, it’s important to include them in your will. Not only should you consider them as beneficiaries, but you may also want to name guardians in the event of your passing.
• Death Of A Beneficiary: If a beneficiary mentioned in your will passes away, you’ll need to determine how to redistribute those assets. You may wish to include their children or other relatives.

2. Changes In Financial Status

Your financial situation can also dictate when it’s time to revisit your will:

• Increase In Wealth: A substantial increase in your financial situation, such as receiving an inheritance, acquiring substantial property, or investing in business ventures, should prompt a review of your will. You might want to adjust how you allocate your wealth to different beneficiaries.
• Decrease In Wealth: If you face financial hardships or losses (like amortizing debts), it might affect the amount you wish to bequeath, requiring an update to reflect your current financial reality.

3. Relocation

Moving from one state to another (or internationally) can change how your will is interpreted or upheld. Each state has different rules regarding wills, from witnessing requirements to the distribution process. When relocating, revising your will to comply with your new state’s laws is crucial to ensure your assets are managed per your intentions.

4. Changes In Relationships

Over time, your relationships with family members, friends, and even business partners can evolve.

• Adding Or Removing Beneficiaries: If you become estranged from someone you initially included in your will or develop a closer bond with someone else, it’s time to revisit this document. You may wish to add new beneficiaries or remove those you no longer wish to inherit from you.
• Changes In Guardianship: For parents, appointing guardians for minor children is one of the most important aspects of assuring their safety and well-being. If the designated guardian is no longer appropriate — due to changing relationships or circumstances — it’s critical to select someone who aligns with your vision for your children’s upbringing.

5. Changes In Tax Laws

Tax laws regarding estates can change, impacting your estate’s management. If there are significant updates to tax regulations, especially concerning inheritance or estate taxes, it would be wise to consult an estate planning attorney. They can advise on potential tax implications regarding your assets and adjust your will accordingly.

6. Desire To Reassess Provisions

Your thoughts and wishes may change over time, prompting a desire to alter provisions within your will. For example, you might wish to change how specific assets are allocated or create trusts for your beneficiaries to manage long-term wealth responsibly. Regular reviews, even in the absence of major life changes, can help ensure that your will reflects your current values and priorities.

In conclusion, updating your will should be viewed as a continual process rather than a one-time event after initial drafting. By keeping your will current, you help ensure that your wishes are honored and your loved ones are taken care of in accordance with your desires. Regularly reviewing your will, especially after significant life changes, financial shifts, or relocation, allows for necessary adjustments reflecting your evolving circumstances. Working closely with an estate planning professional can provide clarity and ensure your estate plan effectively communicates your intentions.