A will is a legal document that allows you to pass on instructions as to how your assets should be divided upon your death among your heirs and other beneficiaries. A will can also include guardians to look after your young children.
Drafting a will is not a one-time event. Life throws up unexpected events, and your will should take this into account. When should you update your will?
If you have children
When you drafted your will, you may not have had children. If you have recently had a child, or if any of your other family members have had children, you may want to include them in your will. By updating your will, you can name children as beneficiaries. You can also name guardians to look after them should something happen to you.
If someone else passes away
It’s possible that a beneficiary in your will passes away before you do. If this happens, then you’ll probably want to remove them from your will. You can either include a new beneficiary or adjust the instructions in your will to distribute the assets among existing beneficiaries.
It’s possible that your executor (the person who oversees the administration of your estate) passes away before you do. If this happens, you’ll want to name a new executor.
If you relocate
The laws and legal terminology regarding wills varies from state to state. To be valid, your will must be valid in your state. That’s why it is crucial to review and possibly update your will any time you relocate to another state.
Whether you are drafting a new will or making changes, having legal guidance behind you will help you to make the right decisions.