Many parents complete a will when their children are young, to ensure that their children will receive their assets if they were to pass away suddenly. But as your children grow up and your life changes, how often should you consider updating your will? When might you need to revise it?
- You move to another state. Each state has its own laws around estate planning, so you may need to update your will when you move to meet the rules of the state you now live in.
- You get divorced. You likely had listed your former spouse as a beneficiary in your will or as your power of attorney. You’ll need to update your will if you no longer want your former spouse involved as an heir to your estate or someone making decisions about your finances or future care.
- You become a grandparent. When you have grandchildren, you may want to allocate some of your assets to them when you pass away.
- You want to change beneficiaries or charities to which you intend to give assets.
- If your estate has grown in substantial value or decreased greatly in value. You may want to change how you will divide your estate in each of these situations.
Most estate planning experts recommend updating your will every three to five years as you near retirement and grow older. Working with an experienced estate planning attorney can help you ensure your documents are up to date and reflect your most current wishes.