Changes happen all the time in life, and they often come with consequences that require further attention.
Since you wrote your will, significant changes have likely occurred in your life, and some might have an effect on your final wishes. Here are five reasons for a will update.
1. Change in assets
If some years have passed since you created your will, your financial situation has probably changed. To save extra work for your executor, you should change your will to reflect your current net worth. If you made a gift of stock to a family member, the amount of that, too, has probably changed and your will should show the current value.
2. Gifts to children
If your financial circumstances have improved, certain items you wish to give to your children may have become more valuable. Review your specific bequests to ensure there is a good balance between what you give to one child and what you give to another.
3. Beneficiary death
If a child or other beneficiary has died since you made your will, an update will provide new instructions about the distributions you originally made to them.
4. New home
Perhaps you sold the home you lived in when you wrote your will and purchased another. You should update your will with the current address. This is especially important if you intend to leave the property to your heirs.
5. Primary caregiver
Since writing your will, you may require help from a caregiver. To this end, one child has spent a significant amount of time taking care of you. You can repay that kindness and support through the instructions in your updated will. Remember to explain your decision to other family members in order to avoid any misunderstandings.