A last will and testament—which is a written document that helps your executor carry out your wishes after you’re gone—is a necessary estate-planning tool. However, your will must stay current, or else your wishes may not be carried out properly. Additionally, your estate could experience unnecessary tax consequences. An attorney can help you update your plan to accurately reflect your wishes.
When to Update Your Will
If your will is still valid but hasn’t been updated in a few years, it’s important that you make it current. You should update your will if you experience:
- Changes in your family. It’s possible you’ve been divorced, married, remarried, had children, grandchildren, or lost loved ones since you last updated your will. These alterations to your family may affect what you want in your will.
- Changes in your assets. Perhaps you’ve added a 401(k), opened a business, lost a business, inherited money, earned money from a large investment, lost a large sum of money, or bought property after updating your will a few years ago. You should change your will if you experience significant financial changes.
- Changes in your wishes. Relationships can change, or significant life events may alter your perspective on life—and these happenings may affect what you’d like to include or exclude in your will.
- Changes in your location. If you move to a different state, for example, an attorney can help you understand how laws may differ in your new state of residence. Your location change may affect the content of your will.
- Changes in law. Laws change frequently, and family, probate, or tax codes may affect how you organize your entire estate plan—and updating your will to accommodate these changes is key.
Get Help With Your Estate Plan
The needs of your estate may fluctuate with time, life events, and gains or losses, and it’s essential that your will accurately represents what you need and want after you pass. The experienced team at Tavss Fletcher offers customized service and years of experience. If you’d like help updating your will, get into contact with us by starting a live chat on our website today.