If there’s one aspect of estate planning that we are all aware of it’s the need to have a will in place. It’s the means by which you can make sure that your loved ones are taken care of after you pass away and that they receive the inheritance you’ve worked hard to build for them.
Making sure your will is up to date is important for a number of reasons, the number one being that it makes the process of handling your estate so much easier for your family and executors. Life changes over time so it’s a good idea to regularly revisit your will and make sure it’s still accurate. Below are some of the events that might cause you to update your will.
Your financial position is not reflected in your will
Life is not always straightforward. Most people have experienced times in their life when their financial situation has been up and down. If your finances change drastically, however, this can have an impact on your bequeaths. Whether good or bad, you may wish to make sure the amounts you intend to leave to your beneficiaries are still accurate.
Births, deaths, marriage and divorce
Big life events such as the above can cause you to rethink who you’d like to benefit from your estate after you pass away. Including people you no longer have a relationship with or forgetting to include newer family members, can cause disputes among the family. In the worst-case scenario, this may lead to challenges to your will and even litigation. Making sure your will always reflects your current situation can help avoid this situation occurring.
Revising your will does not need to be a difficult or time-consuming process. Having some legal help is the best way to make sure your wishes for your beneficiaries are properly documented.