If you have a valid Will, you’ve taken the first step to protect your family upon your passing. However, it’s not always enough to just create a Will and leave it in the draw– you should periodically review your Will to see if it needs to be updated. Life is constantly changing, and you need a Will that reflects your current life circumstances. Check out these five reasons why you may need to update your Will.
1. You Haven’t Checked Your Will in the Last 3 to 5 Years
A lot of things can happen in a year. Although Wills do not expire, if you haven’t looked at your Will in the last few years, it may be time for an update it. Marriages, long-term relationships, deaths, health conditions, financial changes, moving to another state—any life-changing events are things that may affect your will within this time frame. That’s why it’s important to review your will periodically to make sure it still suits your situation, so if something happens, your loved ones are still protected.
2. You’ve Acquired a Significant Asset
If you’ve acquired new assets of any kind, then you may need to update your Will or Trust. Your Will or Trust may not include your new assets. Without updating your estate plan to reflect your current assets, there’s a possibility that these assets will go to who you want, or they may have to go through a probate process.
3. You Recently Got Married or are in a Committed Long-Term Relationship
If you recently got married, or are in a committed relationship outside of marriage, you will want to see how your significant other will be treated in the event of your death. If you created a will before marrying, they may not be named, OR they may be entitled to a portion of your estate, even though you don’t want them to be–through the “elective share” a spouse is entitled to a portion of your estate, no matter what the Will says. If you didn’t see an attorney before getting married, or if you are in a long- term relationship, you should review your documents with an estate planning attorney to ensure at your significant other will receive the assets you want them to receive, and will NOT receive assets you want to go to other family members.
4. You are Recently Divorced or are Separated from Your Spouse
If you’re divorced or separated from your spouse, you should make changes to your will as soon as possible. If you don’t they may still be entitled to at least some of your assets upon passing. If this is not what you want, you should have your estate planning attorney review and update your will to reflect new arrangements.
5. New People Should be Named on Your Will
If you are a new or expectant parent or grandparent, it’s a good idea to update your will to reflect your additional family members and ensure that they are entitled to your assets when you pass. That usually means redistributing assets among beneficiaries or deciding how these new beneficiaries can receive and use the assets they inherit from you.
Let DK Rus Law Help You Update Your Will
The estate planning attorneys at DK Rus Law are here to help you update your will. With over 27 years of experience in estate planning, D. Kathleen Rus knows how to create a comprehensive will that will protect your loved ones and your assets. Click here to get started with a free consultation.