Creating a will is a crucial step in securing your family's future, but it’s not a one-and-done task. Life changes, and so should your will. Making regular updates ensures your wishes are accurately reflected and legally binding.
When Should I Update My Will?
Here are 6 changes that will result in you needing to update your will and why it's so important to do so:
1. Following Marriage or Divorce
When you get married or divorced, it’s essential to update your will to reflect your new marital status. Marriage often revokes an existing will, depending on your state’s laws, while divorce can unintentionally leave an ex-spouse as a beneficiary or executor if changes aren’t made.
2. Following the Birth or Adoption of a Child
The arrival of a new child is a significant reason to update your will. This ensures they are provided for and that guardians are appointed if both parents pass away. According to a recent study, over 60% of parents don’t have a will in place, risking their children’s future if the unexpected happens.
3. Following Major Financial Changes
If you experience significant financial changes—like receiving an inheritance, selling a business, or buying property—updating your will is crucial. This ensures your assets are distributed according to your current wishes and reduces the risk of disputes among beneficiaries.
4. Following Changes in Relationships
Your relationships with family members and friends may evolve. If you’ve had a falling out or reconciled with someone, you might want to change who receives what. Regular updates help prevent unintended beneficiaries from inheriting or ensure those you care about most are adequately provided for.
5. Following New State Laws
Estate laws can change, and what was legally sound when you created your will might no longer be valid. For example, changes in estate tax laws or probate regulations may require adjustments to your will. It’s advisable to review your will every few years or whenever you hear of significant legislative changes.
6. Following the Death of a Beneficiary or Executor
If someone named in your will, such as a beneficiary or executor, passes away, it’s necessary to update your will. This prevents complications during the probate process and ensures your assets are distributed as you intend.
Why It’s Important to Keep Your Will Updated
An outdated will can lead to confusion, legal challenges, and unintended consequences. By regularly reviewing and updating your will, you ensure that your estate is handled smoothly, your loved ones are cared for, and your final wishes are respected.
Don’t wait for a life event to remind you—set a regular schedule, such as every three to five years, to review your will and make necessary changes.
If you have yet to establish your will, remember that Provision offers this service free of charge. If you establish your will through Provision's online will planner, you will automatically receive email reminders to update your will on a regular schedule. You can edit your will through your online portal at any time.
Conclusion
Updating your will is as important as creating one. It ensures that as your life changes, your estate plan remains accurate and legally enforceable. By keeping your will up to date, you protect your loved ones and ensure that your final wishes are honored.
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