Your will is one of the most important legal documents you’ll ever create. It dictates how your assets will be distributed and ensures that your wishes are carried out after you’re gone. But writing a will isn’t a “set it and forget it” type of task. Life changes, and so should your will. The question is: how often should you update your will? Let’s walk through the key times and life events when reviewing or revising your will is essential.
Major Life Events
One of the clearest signals that it’s time to update your will is when a major life event occurs. These events often have significant legal and financial implications, and failing to update your will accordingly could result in unintended outcomes.
- Marriage or Divorce: If you get married, your new spouse is likely someone you’ll want to include in your will. In many cases, state laws may even automatically grant your spouse certain rights to your estate, but this isn’t always the case, and it’s important to make sure your wishes are explicitly clear. Similarly, after a divorce, you’ll likely want to remove your ex-spouse from your will to avoid them receiving assets.
- Birth of a Child: Welcoming a new child into your life is another moment when updating your will becomes crucial. This could mean designating guardians for your child or deciding on financial provisions for their care and education. If you already have children and add more to your family, you’ll want to ensure that each child is accounted for.
- Death of a Beneficiary or Executor: If someone named in your will, whether a beneficiary or an executor, passes away, you’ll need to amend your will to reflect that loss. Similarly, if someone you’ve chosen to manage your estate is no longer able or willing to do so, it’s essential to appoint a new executor.
- Significant Financial Changes: A change in your financial situation is another signal that you need to update your will. Whether you inherit a large sum of money, acquire new property, or experience a significant loss of assets, your will should reflect the current state of your estate to ensure your beneficiaries receive what you intend.
Changing Relationships
Life is full of changes, and your relationships may evolve over time. Friendships may deepen, and family dynamics may shift. If someone important in your life is no longer close to you or a new relationship becomes central, you’ll want to adjust your will accordingly.
- Changing Family Dynamics: It’s possible that over time, your relationships with family members may change. For instance, you might become estranged from a relative who was once a primary beneficiary. Or you might find that a different family member is now someone you’d like to provide for. In these cases, updating your will to reflect your current wishes is important.
- New Partnerships: If you’re entering a long-term partnership that doesn’t involve marriage, you might want to add your partner to your will. In many cases, a non-married partner won’t automatically inherit your assets unless they are specifically named.
Routine Reviews
Even if no major life event has occurred, it’s a good idea to review your will every three to five years. This regular check-in ensures that your estate plan stays up to date with changes in the law and reflects your current wishes. Over time, tax laws, estate laws, and other regulations may change, affecting how your assets are distributed. Working with an estate attorney during these reviews can help you keep your will legally compliant.
Updating Executors and Trustees
Your choice of executor, trustee, or guardian should also be revisited periodically. Sometimes, people grow older or become ill and are no longer able to fulfill the responsibilities you initially assigned to them. You may also change your mind about who is best suited for these roles. Make sure the people named in your will are still willing and able to carry out your wishes.
When to Consult a Lawyer
Whenever you’re making significant changes to your will, it’s advisable to consult an estate attorney. While small updates like changing a beneficiary or executor can be made through a codicil (a legal addendum to your will), larger changes may require a complete revision. Having a lawyer review these updates ensures that your will is clear, enforceable, and reflects your current wishes.
Keep Your Will Current
Your will is a living document that should evolve as your life does. Major life events, financial changes, and shifting relationships all warrant a review of your estate plan. By regularly updating your will, you protect your loved ones and ensure that your wishes are respected. It’s not enough to draft a will and forget about it. Make it a priority to revisit your will every few years and whenever life throws something new your way so you can have peace of mind knowing your estate is in good hands.