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When should you update or create a will?

On Behalf of | Oct 6, 2023 | Estate Planning |

As life unfolds, so do its complexities, meaning periodic reviews of your will are a good idea. This document ensures that your wishes are accurately reflected in the event of your passing, especially for the sake of your children.

Creating or updating a will can be especially helpful for new parents or anyone else facing major changes in their lives.

New children

Life is a dynamic journey marked by significant milestones and transitions. The birth of children is an event that necessitates a revisitation of your will.

Families in America have an average of 1.94 minor children as of 2022. With every addition to the family unit, the distribution of assets may need adjustment to align with your evolving priorities.

Financial shifts

The financial landscape is often changing, and so is the value of your assets. Substantial changes in your financial portfolio, such as property acquisitions, business ventures or inheritance, may make you review your will. Ensuring that your beneficiaries are accurately designated with your current wishes becomes important.

Health decline

As people age, health decline may become more obvious. In such instances, updating your will to include provisions for potential incapacity is important. Clearly outlining your preferences regarding healthcare decisions and appointing trusted individuals to act on your behalf ensures that people honor your wishes even when you cannot express them.

Changes in laws

The legal landscape is dynamic, and changes in inheritance laws or tax regulations may impact your will. Regularly reviewing your will in light of legal changes safeguards it from potential pitfalls and ensures that your estate planning remains up-to-date.

Different family dynamics

Interpersonal relationships within families can evolve over time. Estrangements, reconciliations or the emergence of new familial bonds make you want to change your will.

Regular reviews of your will safeguard your peace of mind. By proactively addressing these considerations, you provide a lasting legacy for your children and other loved ones.