Once in while it makes sense to review your will. Why? A will is not just a do once, pay the attorney, stick it in a drawer and forget it situation.
Families change as grandparents or parents pass on, divorces happen, children are born and beneficiary needs change. There are many reasons to pull out your will and make updates:
- Minor children (under 18) become major adults (18 and older)
- Friends move out of town or out of your friendship circle
- You have moved to a different state or a different state of mind
- The person you named as Executor when you wrote (executed) your will may no longer be able to perform the duties when you pass on
- The charity you named no longer meets your expectations
- A child or grandchild requires their own trust now – maybe a Special Needs Trust or a Spendthrift Trust
- You no longer own an asset you were leaving to a beneficiary
- The value of your assets have changed dramatically
- A remarriage means a blended family with different needs
- Your beneficiaries no longer need your assets
- Your “I love you” will no longer is relevant
There are so many reasons. Spring is often a good time for cleaning out which may mean taking a look at things you have done in the past and making sure they are still relevant now.
Does your will reflect your wishes now? If not, it is time to update.