Creating a will is an important step in ensuring others honor your wishes after you pass away. However, you need to remember that your will is not a one-and-done document.
Life is constantly changing, and your will should evolve with it. There are several life events or circumstances that should prompt you to revisit and update this legal document.
Major life events
If you are one of the 33% of Americans who have already created a will, states CNBC, major life events should trigger the need for will updates. These events include getting married, getting divorced, having children or welcoming grandchildren into your family.
Changes in financial status
Significant changes in your financial situation should prompt a review of your will. This could involve inheriting a large sum of money, purchasing property or experiencing a substantial increase or decrease in your assets.
Over time, your relationships with family and friends may change and you might become closer to some while growing apart from others. It is important to reflect these changes in your will to ensure your assets go to the people who matter most to you.
Your personal preferences may change as time passes, as you might have new charitable causes that are important to you or specific personal belongings you want to pass on to someone. Updating your will allows you to include these preferences and make sure they come to fruition.
If any of your beneficiaries pass away, you should update your will to name new ones. Failing to do so can lead to complications and unintended consequences in the distribution of your assets.
Keep an eye out for these key scenarios, and regularly review and update your will to reflect your current situation and desires. By doing so, you can help ensure a smooth transition of your assets and the well-being of your loved ones when you are no longer here.