When Should I Update My Will?
There are obvious triggers prompting will updates, such as health changes or shifts in marital status. However, financial planners and attorneys also highlight less-obvious reasons to revisit your estate plan.
Reasons to Update Your Will
Your will should be modified when personal circumstances change. Frequent triggers include:
- Health changes affecting you, executors, or guardians
- Legal changes that may impact tax and estate strategies
- State residence changes, which can affect planning requirements
Different states have varying laws regarding will administration, executor residency requirements, inheritance taxes, and whether children can be disinherited through omission.
Regular Review Schedule
Estate planning attorneys recommend reviewing your will every few years. Documents should also be updated when these events occur:
- Substantial changes in financial status
- Changes in parental status, including birth of children
- Changes in guardianship designations
- Changes in fiduciaries (executor, trustee, attorney-in-fact, health-care agent)
- Changes in family members’ situations, such as a child developing special needs
Often-Overlooked Triggers
Consolidation in the banking industry frequently goes unnoticed. If you named a bank as executor and it was recently acquired, you may have an unwitting new executor. Verify the executor’s identity and trustworthiness.
Additionally, revisit beneficiary designations following marriage or divorce. These designations override the language in your will, so keeping them current is essential.
If you need help reviewing or updating your will, contact The Stegall Law Firm to schedule a consultation. We are here to help you keep your estate plan current and effective.
