A will is a good idea for anyone who has a full time job, a home and a child or children. A will is also a good idea for people who travel frequently or who have a serious health issue.
But once a will is created that does not mean it should never be reviewed and revised. Here are five life events that warrant a review and possible update of your will.
When to review and update your will
There are many instances that warrant an update to your estate planning documents. Here are the five most common and significant events that should prompt you to review your will.
- When you have a child or another child. You want to ensure that your will is up to date as to who will raise and care for your child or children should you and your partner or spouse be unable to.
- If your family changes. You may have left significant assets or valuable items to the spouses of your children. If there are divorces or remarriages you will want to revise this.
- If you move states, sell your current home or buy a new home, obtain new assets or downsize you should update your will to reflect this.
- If someone you named as a beneficiary dies. You never want to leave anything unclear in your will. Make sure this is up to date so that your family is not left to guess as to what you would have wanted.
- You have had a significant decline in health. You may want to review certain facets of your plan when facing a health crisis or death. These include your heath care power of attorney and living will.
A will is an important document. It can give you and your spouse peace of mind and help to ensure there are no misunderstandings or confusion for family members later. By making a legally solid will- one that has the requisite number of witnesses and is officially documented and safely stored-you are giving your family a gift today that they will appreciate tomorrow.