Creating a will is the responsible thing to do. It helps ensure your family knows your wishes and how to handle your estate when you pass away.
However, you may not realize that a will is not a set-it-and-forget-it document. It requires updates and changes throughout your life. Some of the top reasons to update your will are found here.
Your life will change as time passes
Regardless of your age when you create a will, your life will change through the years. You may get married, divorced, or have children or grandchildren. When these events happen, you must update your will to reflect them. If you do not update your will when these life events occur, some people may be excluded from your assets. You may also leave most of your assets to your ex-wife rather than your current one. With updates to your will, you can avoid these situations.
The value of your estate changes
You may also have a change in the value of your estate. This can happen if you receive an inheritance, win the lottery or have more assets than when you created your will. When this happens, you will likely need to update how your assets are allocated after you die.
You move to a different state
When you create your will, you do so based on where you live and the laws in that state. If you move, the laws may be different. You may need to update your will to ensure it is enforceable in your current state.
Updating your will is a must for everyone
After creating a will, you must update it based on the information above. This will ensure it reflects your life and how you want your assets divided when you die.