Reasons why you should update your will

On Behalf of | Mar 1, 2024 | Estate Planning

Life is dynamic, marked by various milestones and changes that can impact your estate plan. To safeguard your wishes and provide for your loved ones, it is important to ensure your will is up-to-date.

By doing this regularly, you can ensure that your will accurately reflects your current circumstances and intentions.

Life events

Major life events such as marriage, divorce, the birth of children or grandchildren, or the death of a spouse or beneficiary can significantly impact your will. Updating your will ensures that it reflects your current situation and desires.

Asset changes

Over time, your financial situation may evolve. You may acquire new assets, such as property, investments or valuable possessions or you may dispose of existing ones. Updating your will allows you to account for these changes and ensure that your assets get distributed according to your wishes.

Beneficiary changes

Relationships with beneficiaries may change over time. You may want to include new ones, remove individuals who are no longer relevant or adjust the distribution of assets among them. Updating your will enables you to reflect on your current intentions regarding inheritance.

Legal requirements

Laws and regulations governing wills and estates may change. Updating your will ensures that it complies with current legal requirements, minimizing the risk of disputes or challenges to its validity.

Executor or guardian selection

If the individuals you previously designated as executors or guardians are no longer suitable or available, you should update your will to appoint new ones. This ensures that you entrust responsible individuals with managing your estate or caring for your dependents.

By regularly reviewing and updating your will, you can provide peace of mind for yourself and your loved ones, knowing that your affairs are in order.