Creating a will is essential in estate planning, as it allows you to specify how you want to distribute your assets after your passing. However, life circumstances and goals can change over time, so it’s necessary to regularly review and update this document to ensure it reflects your current wishes and goals. Here are some of the more common reasons people need to make revisions:
- Changes in family circumstances: Marriage, divorce, birth, adoption, or the death of a spouse or family member can all necessitate changes to your plans.
- Changes in financial circumstances: An increase or decrease in your assets, such as selling a business or acquiring significant property, can affect your will.
- Changes in your wishes: Your priorities and wishes may change as you age. It’s important to periodically review your will to ensure it aligns with your current goals.
- Changes in state laws: State laws governing wills and estate planning can change. It’s crucial to make sure your will complies with current regulations.
- Incapacity or death of a designated beneficiary or executor: If a beneficiary or executor named in your will becomes incapacitated or passes away, you must update your will to name a replacement.
Periodically reviewing and updating your will is the best way to ensure that it accurately reflects your current circumstances and goals. It’s a good idea to check your will at least every few years or whenever there is a significant change in your life to protect your assets and give your family peace of mind