When to Update Your Will

One of the most important things that you need to know if you have a will, is when to review and make changes.

It is likely that you will experience many changes in your life throughout your adult years. Those changes will not only be personal, such as getting married and having children, but also financial, such as getting a promotion or changing jobs for greater income. The various changes in your life make it likely that you will want to adjust how you distribute your estate.

Your life can look radically different at age 70 compared to when you were age 30. Not every change in your life will necessitate a change to your estate plans. You need to know which changes are the most important, as Cleveland Jewish News discussed in “Wills should be updated when situations change.”

One way to look at things, is that estate plans are an assessment of your current financial situation. When you create an estate plan, you review what you have and determine how to distribute everything, should you happen to pass away shortly thereafter.

That means you should change your estate plan when your financial situation changes greatly, such as when you get married or have a child. Whenever you plan on having much more or even less going forward, you know it is time to change your estate plan.

That you will need to change your estate plan eventually, is no reason to think you should not get a plan now. You do not know what changes will happen or when they will happen. You also do not know when you will pass away.

Reference: Cleveland Jewish News (March 15, 2018) “Wills should be updated when situations change.”