Given that a June 2021 Gallup poll found that only 46% of adults have a will, creating your last will and testament is a notable accomplishment. Still, your will is not a document you can set aside after signing it.
The circumstances that guided you to make your estate decisions may change, making parts of your will obsolete. You should regularly review and update your will to ensure it reflects your current situation.
As time progresses, different events can impact your relationships. Major life occurrences like marriage, divorce, the birth of children, or the death of a loved one can substantially alter your intentions to distribute your assets. Updating your will ensures that your property goes to the right individuals or organizations as per your current wishes.
Change in financial fortunes
Financial circumstances are rarely static. Over time, your assets may grow or diminish. You might acquire new assets, such as a home or investments, or liquidate existing ones. To guarantee your beneficiaries receive what you intend and do not lose out, you should adjust your will to reflect your present financial position.
Shifts in family dynamics
People come in and out of your life. Friends become like family, and family dynamics can shift. When relationships evolve, your preferences for your beneficiaries may change too. Whether you want to include new beneficiaries, exclude others or revise the shares they receive, an updated will ensures your assets align with your current relationships.
New priorities and values
Your values, priorities, and objectives may evolve as you age or as life circumstances change. You could decide to support different charitable causes, change guardians for your children, or establish new stipulations for asset distribution. By updating your will, you can ensure it continues to reflect your personal preferences and moral values accurately.
A will should be a living reflection of your wishes and circumstances. Proactive revisions of this document can give you clarity and peace of mind.