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It might be time to update your will

Considering how many people die with no will at all, it may seem silly to have to update your once you create it. After all, aren't you already ahead of the game by having a will in the first place? Well, yes — but that is sort of like claiming that you already changed the oil in your car, why would you need to change it again? While one should certainly change the oil in a vehicle far more often than change or update a will, the principle remains the same. There are a number of life changes that make a will change necessary and ultimately protect the ones you love.

Have you recently gained or lost beneficiaries? This could happen a number ways. Maybe you got married, or got divorced. Maybe a loved one you listed as a beneficiary passed away, or you gained a child or grandchild. Also, as unpleasant as it may be, it is possible that your relationship with a beneficiary has soured and you no longer wish to keep him or her within the will. If you have experienced any of these changes since creating your will, it is time to revisit it.

It is also possible that your station in life has changed significantly since your will was created. Maybe you suffered significant financial losses that affect your estate and how it would be divided to your beneficiaries. Similarly, you may have experienced a great increase in your assets. In both cases, you should amend your will to reflect these changes, and leave nothing to chance.

In a broader sense, it is impossible that estate planning laws have changed significantly since you created your will, especially if you created it many years ago. For any and all of these reasons, you should always keep your will up to date. If you are ready to update your will to ensure that your wishes are properly made known and that your loved ones are protected, reach out to an experienced attorney who can help you create the right will for your needs.

Source: Findlaw, "Top 5 Reasons to Update Your Will," Betty Wang, accessed May 05, 2017

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