Life events, such as marriage, the birth of a child, or a significant change in your financial situation, often signal the need to update your will. A will ensures that your estate is handled according to your wishes after your death. When life shifts, your original will may no longer reflect your desires or needs. Here’s how to ensure your will stays current.
Marriage or divorce: What changes in your will?
Marriage is one of the most common reasons to update a will. After getting married, you might want to leave assets to your spouse or name them as your executor. On the flip side, after a divorce, you may need to remove your ex-spouse from your will and designate new beneficiaries. Failing to update these details could unintentionally leave assets to someone who is no longer part of your life.
Adding children or grandchildren: Should your will change?
The birth of a child or grandchild is another significant life event that should prompt a will update. You’ll want to designate guardians for minor children, specify how assets will be divided among your heirs, and possibly set up trusts to ensure proper management of their inheritance. Without these updates, the court may make decisions for you about guardianship and inheritance.
Financial changes: How do they affect your will?
Significant financial changes, such as receiving a large inheritance or selling a business, may also necessitate a will update. You’ll want to adjust the distribution of your assets and consider any new financial responsibilities. The right adjustments will help ensure that your estate plan aligns with your current situation and intentions.
When and how should you make the changes?
You can update your will at any time by creating a codicil (an amendment to your will) or drafting an entirely new document. If you make significant changes, such as a new spouse or child, a new will may be simpler and less confusing than numerous codicils. Be sure to consult with an estate planning professional to ensure that your will reflects your current wishes.
Regularly reviewing and updating your will will ensure that it accurately reflects your current life situation, protecting both you and your loved ones.