In the News – 8 Reasons You May Need to Update Your Will
With life’s ever-changing situations and circumstances, it is important to update your will periodically to make sure it reflects your current situation and wishes for your estate.
In this article, Patrick O’Brien notes eight life changes that may require an update to your will.
- You’ve moved - Your will is administered in your state of residence when you die, so if you’ve moved your will needs to be updated to follow the rules of the new state’s laws to remain valid.
- You’ve sold your home and bought another - If you have moved from the home included in your will, important information including your new full address will need to be updated.
- You purged your possession – If you have downsized and no longer own items listed in your will, you may want to review your will and reconfigure how your estate is distributed.
- You made a gift to a child – If you gifted an item that is listed in your will, it is important to update your will in case it is listed as going to another person, or if the amount distributed isn’t balanced with what you’ll leave to another child.
- Your charity relationships have changed – It is important to update your will if you have listed a nonprofit. You may decide to update, change, or omit the charity information in your estate plan to match your current involvement and feelings.
- Your financial situation or the value of your assets have changed – If you will “spells out exactly how much money you will give” but the size of your estate has grown or shrunk it is important to update the information in your will so that it reflects your current estate and ensure that your gift will be what you had in mind.
- One child has become your primary caregiver – if one person has devoted a great deal of time (and maybe money) to taking care of you since your will was written, you may decide to update your will to reflect your gratitude and leave details of your intentions.
- A beneficiary listed in your will has died – If your will lists recipients that have passed away, it is important to update your will to provide new instructions for how to distribute your estate.
After drawing up your will you’ll want to review it every few years and make updates after any major life events to ensure that your estate plan and wishes are clearly and legally documented.
Schedule a free consultation today to meet with our experienced estate planning lawyers about updating your will to make sure that your estate plan is managed as you planned.
This content of this blog is intended for informational purposes only. It is not intended to solicit business or to provide legal advice. Laws differ by jurisdiction, and the information on this blog may not apply to every reader. You should not take, or refrain from taking, any legal action based upon the information contained on this blog without first seeking professional counsel.