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When should I update my will?

On Behalf of | Apr 3, 2020 | Estate Planning |

Once you create your will and estate plan, you are not finished with it. You will need to revisit it often to make updates and changes as your life goes through its different phases. It can sometimes be unclear exactly when you need to do an update. After all, every time you make changes to your will, you risk having issues with its validity brought up in court after your death.

To ensure that you keep your will valid and avoid issues later, you want to make changes under the guidance of an attorney. Furthermore, you need to understand when exactly to make updates so that you are not doing so needlessly.

Family changes

One of the reasons to make some updates to your will, according to Forbes, is when major changes occur in your family situation. For example, once your child reaches the age of 18, you will no longer need provisions for a guardian for him or her. In addition, you may want to establish a trust or make other inheritance changes regarding your child.

Other family changes may be the birth of a new child, a divorce or one of your children entering a marriage. In these situations, you need to add new or remove old heirs or make changes to conditions on inheritances.

Asset changes

You also need to make updates to your will if you have a change in assets. Whether you buy a new home or sell your vacation home, you need to reflect these changes in your will. The document should reflect your current holdings, so you want to be sure not to leave anything out or include an asset that you no longer own. Having discrepancies in assets could lead to issues in probate.

Changes in your assets also include changes in their value. If an asset sudden loses value or increases in value, you want to consider that in regard to what is in your will.