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Three compelling reasons to update your will

If you have drafted your will, you have taken one of the most important steps for your future and loved ones. A will is an important estate planning tool that outlines your wishes with respect to how you intend to have your assets distributed when you pass on.

However, once created, it is easy to forget about it thinking you are all set for the future. Unfortunately, this is not always the case. Several life events may trigger the need for a review and update of your will. Here are some of them:

1. Changes in your assets

One of the most important reasons why you should review and update your will is an increase or decrease in your assets. If you have inherited a substantial amount of assets from a family member, or acquired a new home, then you need to update your will to include your new assets. On the flip side, if you have sold off some of your assets, it is important that you update your will to exclude the assets in question. Basically, a change in your estate’s value should be reason enough to reassess your will.

2. When there are changes in the law

State and federal laws change all the time. When they do, it is important that you understand how this will affect your estate tax laws and your beneficiaries. Remember, as your assets and circumstances change, so will the financial and legal strategies for tax planning. It is important that you stay abreast with changes in state and federal tax laws so you can update your will to comply with such changes.

3. Changes in your family structure

A change in your family structure is another compelling reason to update your will. If you have married, divorced, had a child or grandchild, then you need to update your will to reflect these changes. The same applies when one of your beneficiaries passes on.

Having a will in the first place is a great step, but an updated will is crucial for the safety of your future and loved ones.

 

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