Life is constantly changing, and your will should keep up. As families grow, relationships shift and financial situations evolve, it’s important to ensure your will continues to reflect your current values, priorities, and wishes.
Failing to update your will can lead to unintended consequences for your loved ones. Regular updates give you peace of mind knowing that your estate will be handled according to your current desires.
When should you update it?
It’s easy to overlook updating your will, especially when life might feel settled. But major life events like getting married, having children or experiencing a change in health should prompt a review of your will. Keeping your will current not only prevents legal headaches but also ensures your loved ones won’t have to deal with confusion during an already difficult time.
Beyond personal milestones, changes in your financial situation should also prompt a will update. If you acquire a new asset, start a business or experience a significant financial loss, adjusting your will can protect your assets and provide clarity on how they’ll be distributed.
A general rule of thumb is to revisit your will every five years, even if no major life changes have occurred. This allows you to ensure everything is still in line with your current situation and wishes, such as changes in assets, beneficiaries or your executor. Life doesn’t stay the same, and neither should the plans you make for your estate.
If you’re unsure whether it’s time to update your will or have questions about how life changes might affect your plans, It is a good idea to reach out for legal guidance. A legal professional can help ensure your wishes are clearly outlined and your loved ones are taken care of, giving you peace of mind for the future.
Michelle E. Smith, Esq. of Piro Zinna Cifelli Paris & Genitempo, LLC, is an experienced expert in this area of law and can help you.
