When Should I Update My Will?

As life goes on, you’ll see changes to your family, lifestyle, and financial state. When it comes to estate planning, your will should be a clear reflection of this journey. If you’ve encountered any of the following life changes, it’s time to make an update.

1. Your Family Is Growing

As you start to have or adopt children, a will becomes imperative. This is the document you’ll use to designate their guardian, should they still be a minor when you pass away. You’ll also want to designate specific assets for your child, as they will be one of your dearest beneficiaries. When you become a grandparent, you’ll want to follow the same rule of thumb.

2. You Are Divorced or Widowed

willThe loss of a spouse, whether through divorce or death, can be a life-changing event. Naturally, you may want to redistribute the assets you planned to give to them. For example, you may want to pass along your car to your son, or let your best friend take over your vacation home. If you acquire a new significant other, you may want to redirect the assets to them. 

3. Significant Financial Changes

If you’ve gained a substantial amount of money or property, this must be reflected in your will. For example, if you’re in talks to sell your business and acquire a lump sum, you may want to designate this money to your children.

The same applies if you’re expecting a sizable inheritance from someone else’s passing. If you’ve invested in a particular piece of property, such as a home, you may want to ensure that a certain family member or friend receives it.

4. Significant Change in One’s Life

The loss of a loved one is probably the most stressful event in one’s life, however, the loss should not and cannot result in unintended consequences. A thorough review of your estate plan will be needed so that your intentions can be honored. Although we normally recommend that a person in mourning should not make any significant changes during the first year, we suggest an exception be made.