Frequent Reviews Of And Updates To Your Will Are Essential
As you put the finishing touches on your will, it suddenly dawns on you that this is a huge task to complete in your life. "Yes!," you think. "I've finally completed my will, and my estate plan is practically complete. I'm done!"
Hold that thought. You're never really "done" with an estate plan, just as you're never really "done" with a will. As thorough as you might have been, there will always be reasons to check back with your will and update some important provisions or change certain beneficiaries and language. What types of events can lead to a person taking another look at their will?
Major life events necessitate an update to your will. For example, did you get married recently? Then you probably want to include your spouse in the will. Did you get divorced? Then you may want to remove your spouse from the will. What about children? If you had a son or daughter, you will want to add some new provisions (and maybe even a trust) to ensure your will -- and your estate plan -- are up to date.
What if one of your beneficiaries passed away? What if your children are older than 18? What if new state laws are at odds with the provisions and language in your will? Again, all of these matters will necessitate an update to your will.
There are many reasons to check your will, and when you do so, it is best to review things with an attorney to ensure that your will and estate plan are compliant with the law.