A lot may have changed since you wrote your will. For example, you may have acquired new assets or sold some of them. Given that your will defines the future of your estate, everything must be up to date, in line with your current situation. But, how often should you do it?
While there is no predetermined interval to review your last wishes, it is necessary to do so if anything drastic happens in your life that warrants a revision of the current will. Below are some possible scenarios.
If you divorce your partner, who was listed as a beneficiary, they may still inherit part of your estate if you do not update your will. Therefore, an event like a divorce means restructuring your estate plans, and it may be a good idea to revoke the old will. You may also want to cancel any power of attorney you had given your ex-spouse and start everything on a clean slate.
Changes in the beneficiaries
Has one of the beneficiaries passed on? Has another been born? Then you need to redistribute your estate accordingly in light of the new changes. Should you also wish to exclude a beneficiary from inheriting the estate, you need to make the necessary changes in your current will.
An interstate relocation
Although the law regarding the validity of wills is largely similar across states, slight differences exist, so it is advisable to update your will if you change states. The subtle legal differences could have a significant impact on your estate plans, and it’s better safe than sorry.
Proper estate planning requires an understanding of the legal dynamics that may affect your plans, as well as a periodic review to ensure everything is current.