When should I update my will?
When should I update my will? Far too many people believe once they have a will prepared, it is essentially over and done with. This can cause serious issues down the road. Think about how much our lives change over the years. We get married—and perhaps, divorced—we have children, we have grandchildren, we gain additional assets or sell certain assets, or we have “issues” with someone who was a beneficiary in the original will. Financial situations ebb and flow, and relationships do the same. For all these reasons, it is imperative that you revisit your will at least every 3-5 years—or any time you have a major life change.
There have been instances of individuals who had a will prepared, then forgot all about it. In the next twenty or thirty years, the individual divorced, remarried, had more children and added considerable assets. Should that person unexpectedly die, the first spouse might still be named as beneficiary, meaning the current spouse and children could potentially be left with nothing. A will must never be considered as a “one and done” task. Revisit your will on a regular basis, and when you make major life changes, make sure your will properly reflects these changes.