Life is dynamic, filled with constant changes in relationships and priorities. Ensuring your will accurately reflects your current wishes is a huge aspect of responsible financial planning.
Thus, it is important to review your will to align with your circumstances.
Changes in assets
Significant changes in your financial situation should prompt a review of your will. This includes getting new assets such as property, investments or businesses, as well as selling or disposing of existing assets. Updating your will allows you to specify how others should distribute these assets among your beneficiaries.
Relocation to a new house
Moving to a new state or country may require updates to your will due to differences in inheritance laws. Each state has its own regulations regarding wills and estates, so it is important to ensure your will complies with the laws of your new residence.
Health concerns
Health issues, especially those that affect your mental capacity, can impact your ability to make sound decisions regarding your estate. Updating your will while you are of sound mind ensures that your wishes are clear and legally binding. Additionally, it is important to pick a trusted individual to make medical and financial choices on your behalf if you are in a coma or another incapacitating scenario.
Different beneficiary circumstances
Changes in the circumstances of your beneficiaries may require updates to your will. For example, if a beneficiary develops a disability, you may want to adjust their inheritance or appoint a guardian to manage their assets.
It may help to set a schedule, such as once or twice a year, to look at your will and make any updates. By staying proactive, you can provide peace of mind for yourself and your loved ones at any time of your life.