After you've created a will, what do you think is the responsible thing to do? Should you make copies of the will and distribute them to important individuals in your life (such as an attorney), while also securing the original and updating it frequently? Or should you just create one and forget about it?
Hopefully you don't choose the latter option, because if you don't update your will on a frequent basis, you could be risking complications during the administrative process of executing your estate.
Your will should contain a wealth of critical information about who your beneficiaries are and how you see your wealth and assets being distributed. If you create one when you're 30 and never tough it again until you are 70, it would be safe to say that the will would no longer cover the range of thought and feelings you have about your estate. In fact, it wouldn't even accurately reflect your estate anymore.
So the passage of time is reason enough to update your will. But other life events should trigger a review of your will:
- Having children, or if your children have children
- If you get married or get divorced
- If your estate suddenly changes in value
- If beneficiaries have passed away
- If state laws change in regards to estates and wills
As always, if you are having trouble with your will or estate, you should consult with an attorney as soon as possible.
Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents," Accessed Aug. 25, 2017