A will reflects your life, your values and your wishes for the future. As life evolves, so too should your will. Many individuals create a will and file it away, overlooking the importance of periodic reviews and updates to this crucial document.
Key moments when updating your will is a must
The ideal time to update your will is typically when significant life events take place. These events can influence your decisions regarding asset distribution and estate management. These include:
- Marriage or divorce
- Birth or adoption of children or grandchildren
- Significant changes in your financial situation
- Acquisition or sale of major assets
- Changes in your relationships with beneficiaries
- Relocation to a different state
- Changes in tax laws that may affect your estate
Major life milestones are not the only reasons to revisit your will. It is wise to review your estate plan every three to five years, even if nothing significant has changed. This regular check allows you to catch outdated information or provisions that no longer align with your goals.
Updating your will is not just about who gets what. It also protects your loved ones and ensures the smooth execution of your final wishes. An outdated will can lead to confusion, family disputes and unnecessary legal complications.
Secure legal help when updating your will
While it is tempting to amend your will independently, this can lead to legal complications. You must execute any alterations to a will with the same formalities as the original document. To ensure your will remains valid and effective for years to come, consult an estate planning attorney in New York to address all necessary changes.