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When should I update my will?

On Behalf of | Jun 24, 2024 | Wills And Trusts |

Drafting a will is often a good place to start if you are creating an estate plan. It can effectively relay your wishes and instructions concerning your assets, which will take effect after you pass. Aside from terms involving your properties, it could also help you share decisions regarding your minor children, your preferences concerning burial or cremation and how you want asset transfers to happen.

But despite having extensive features, having a will might not be enough. After creating it, consider what steps to take next as you go through various life changes, potentially impacting the document’s legal soundness. It can be beneficial to review your will regularly, but some events can serve as triggers, including the following:

  • Getting divorced or remarriage
  • Diagnosis of a health condition predicted to worsen over time or cause severely limiting impairments
  • New tax laws taking effect, possibly getting in the way of your legal arrangement
  • Introducing a new child into the family, whether by birth or adoption
  • Changes in relationships, potentially shifting executor appointments or other fiduciary roles
  • Obtaining or losing high-value assets over time

Other developments can also be relevant, depending on your estate details and circumstances. Additionally, these changes could make other estate planning options, such as trusts, applicable.

Maintaining your will and estate plan

Wills and other estate planning options usually have technical requirements, making their establishment and maintenance tricky as more time passes. Neglecting to review and update them appropriately could risk enforceability, potentially causing unnecessary issues later after your death. Fortunately, you could seek legal counsel and guidance when creating or updating these arrangements. Doing so can help preserve your estate plan’s legal integrity, allowing it to stand the test of time.