How Often Should You Update Your Will?

Updating your Will is a crucial part of estate planning to ensure it accurately reflects your current wishes and circumstances. Here are key moments when you should review and potentially update your Will:

1. Change in Marital Status:

Marriage or Divorce:

Marriage typically revokes a previous Will, and divorce can significantly alter your distribution wishes. Update your Will to reflect your new marital status and beneficiaries.

2. Birth or Adoption of a Child:

Adding New Dependents:

Include any new children or dependents in your Will ensure they are provided for and to establish guardianship

3. Significant Changes in Assets:

Acquiring or Selling Property: If you buy or sell significant assets such as a home or business, update your Will to reflect these changes. 4. Change in Financial Situation:

Inheritance or Financial Loss: Significant changes in your financial status, whether an increase or decrease, should be reflected in your Will to ensure proper distribution.

5. Major Life Events

Relocation or Legal Changes: Moving to a different state or country with different estate laws, or changes in estate laws, may necessitate a review of your Will.

Regularly updating your Will helps prevent potential conflicts, legal challenges, and ensures your assets are distributed as intended. Consulting with an estate planning professional can help you stay informed about any necessary updates.