A will is a fundamental part of an estate plan. This legal document outlines how your assets should be distributed upon your death. Perhaps you want your children or grandchildren to inherit most of your assets? Maybe you want to leave a little bit to your favorite charity? Whatever your final wishes are, they can be secured by a will.
It’s a common misconception that drafting a will is a “one-and-done” event. It’s rare for anyone’s life to remain static, and to truly reflect your final wishes, a will needs to take into consideration your current circumstances.
Outlined below are three good reasons to update your will.
When you relocate
Your previous family home served you well but it was time for a change. You’ve upgraded to a bigger house. The home is also worth much more in monetary terms than your previous place. The trouble is, nothing in your will mentions the new home because it was drafted long before you moved. It’s important to update your will whenever you’ve made any significant purchases so that you can guarantee your beneficiaries see the dividends should something happen to you.
The addition of a new child
Perhaps you’ve just had a child with your current spouse? Maybe your adult children have started a family of their own. In any case, there is a new addition to the family that you cherish. Your previous will may have contained contingency plans for situations like this but it’s always worth double-checking and ensuring that it covers your current family circumstances.
Avoiding will contests
Failure to update your will could result in family members becoming disgruntled, which poses a risk of will contests should you pass. One way to prevent this is by seeking some legal guidance when updating your estate planning documents.