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What life changes should trigger me to update my will?

On Behalf of | May 27, 2024 | Estate Planning

Drafting a will could be an effective estate planning strategy, which can help you distribute your assets and leave instructions about other matters after passing on. It is often a fundamental part of any estate plan. Still, it may only work if you take measures to keep it legally sound, including updating it whenever necessary.

Some people may find it reasonable to update a will after a specific number of years, but certain life events should trigger you to review and modify it appropriately. These changes can include the following:

  • Significant developments involving your health
  • Getting married or divorced
  • Any changes in the circumstances of parties involved in the will, such as your appointed executor or guardian
  • Legislation updates that may affect your tax-related arrangements
  • Moving your residence to another state
  • Having or adopting a child if the existing will fails to consider these events

Other scenarios can also be relevant based on your situation. Sometimes, selling or buying high-value properties can make it appropriate to revisit your will. You could also thoroughly review the document first to check for outdated parts. Regularly reading through your will and updating it as needed could keep your estate plan organized and efficient until your death.

Being proactive when making an estate plan

Preparing for the future can be beneficial, especially if it involves concerns only you can resolve. Creating a comprehensive estate plan can help your surviving family members do as you wish after you pass on. It may also help them cope and grieve appropriately without worrying about legal issues involving your estate. In any situation, consider seeking legal guidance when estate planning to help you learn what setups suit you best and how you can make them stand the test of time.

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