While some wills are able to withstand the passing of time, it is an unfortunate situation to realize a will is insufficient after an individual passes away. Updating a will has an impact on how well you are able to care for your family when you are gone.
There are several situations where an update to your will is highly recommended.
Key life events for changes
Having children is a primary reason for changing your will. The first child changes things dramatically, but each addition could mean updates are necessary as well. Going through a divorce is also a key time to reassess your will, and if possible, ensure the changes take place before the divorce becomes final. When any of your children get married, you may want to make changes that protect your child’s inheritance in the event of their divorce.
Though a will goes into effect once you die, if your executor or beneficiary dies, you will need to name a new one. This could also be the case if your executor or your beneficiary becomes mentally unstable or develop a substance abuse problem.
Key factors impacting the current will
In addition to significant life events altering your will, there could be times when the information on the current will becomes outdated. This could be coming into a large sum of money, selling a valuable asset or moving out of the country. A will is only effective when the information contained inside is accurate.
Changing or updating a will is an easy way to make sure your assets are properly distributed upon your death. Any major life event needs consideration for making an update.