Your last will and testament, often simply referred to as a will, is the legal document that will determine to whom your assets will pass on following your death – and is critically important to your estate plan.
Upon creating your will, it is important to note that it is not a “set it and forget it” situation; it is imperative that you monitor and update your will over the years. We all experience changes in life and those changes may bring about a cause to modify your will. The following is an examination of what could cause you to need to update your will, what could happen if you do not update it and how you can go about updating it to suit your needs.
What Situations Could Cause You to Update Your Will?
Ultimately, when you update your will is up to you. However, life circumstances that often prompt will updates include the following:
- Marriage
- Divorce
- Birth of a child
- Change in assets
- Change in financial situation
- Death of a spouse or beneficiary
Marriage
Upon getting married, it is a good idea to update your will to include your spouse.
Divorce
If you get divorced, you will want to update your will to make any beneficiary changes.
Birth of a child
The birth of a child is a good time to review and make any updates to your will.
Change in assets
If you have recently gained or lost assets, you will want to update your will to reflect those gains or losses.
Change in financial situation
If your financial situation changes, it is a good idea to review your will and decide if any modifications are necessary.
Death of a spouse or beneficiary
If your spouse or any of your beneficiaries pass away before you do, you will want to make updates to your will to reflect this. Failing to do so can create confusion in regard to the distribution of your assets once you pass away.
What Happens if You Do Not Update Your Will?
Failing to properly update your will can have numerous consequences. Some of these consequences include your assets not being distributed how you would like, confusion among your loved ones following your death, conflict between your loved ones regarding assets and possibly legal difficulties for your loved ones after your passing.
How Can You Properly Update Your Will?
If you are looking to modify your will, you can do so by creating a codicil. A codicil is a legal document that supplements your will and allows you to add, remove or make other modifications to the will.
Beyond a codicil, another option is to create a new will entirely. It is important to note that you will need to revoke your previous will when creating a new one.
For any questions regarding the creation of or updating of your will, or any of your other estate planning needs, we are here to help. Contact us today to learn more about how we can work with you.
For more information regarding various estate planning and elder law topics, view our resources page, where you will be able to find previous blog articles, newsletters and our informative webinar series.
