Life is full of changes, and many of them can have a significant effect on your future plans and the legacy you wish to leave behind. Your will is an undoubtedly critical document that ensures your wishes will be honored and that your loved ones will be cared for.
However, as circumstances evolve, it’s important to ensure that this document reflects your current situation and intentions. Taking the time to reevaluate your will can provide peace of mind and prevent unnecessary stress or confusion for the people you care about most.
After Marriage or Divorce
Marriage and divorce are major milestones that often require one to reconsider the terms of their estate plan. Upon marriage, you may want to include your spouse as your primary beneficiary or assign them specific responsibilities within your estate, such as serving as an executor. Similarly, following a divorce, you’ll need to update your will to remove your former spouse if you no longer wish them to inherit your assets or make decisions on your behalf.
Upon Having Children
The arrival of a child is a joyous occasion, but it also adds significant responsibilities. Updating your will allows you to designate guardians for any minor children, ensuring that a trusted individual is there to care for your children in the event that you can no longer do so. Additionally, you can establish financial provisions to secure your children’s future, such as setting up a trust or specifying how your assets should be distributed.
When a Beneficiary or Executor Passes Away
If a chosen beneficiary or executor passes away, amending your will accordingly is essential. A deceased beneficiary may lead to complications in how your assets are distributed, while an executor’s passing could create unnecessary delays or uncertainties in managing your estate. By updating your will, you can avoid such issues and ensure that your estate is handled according to your preferences.
After Significant Changes in Financial Status
Life is unpredictable, and substantial changes in your financial situation can occur. You might receive an inheritance, earn a sizable promotion, or overcome financial challenges, each of which affects how you want to divide your assets. These changes can also affect tax considerations, so working with a wealth management advisor can help you optimize your plans and minimize financial burdens for your beneficiaries.
When You Acquire Major Assets
Whether you’ve purchased a home, acquired valuable personal property, or opened a business, major assets are important parts of your legacy. Including these newly acquired assets in your will ensures that they’ll be distributed in alignment with your wishes. Failing to update your will could result in these significant items being distributed according to default laws, potentially going to beneficiaries you would not have chosen.
Taking the time to look over and reevaluate your will is a meaningful step toward ensuring that your loved ones are protected and that your wishes are clearly documented. Life is always moving, and major changes—whether it’s a change in family dynamics or a financial shift—can affect your plans and priorities. It’s natural to need to look over your will and make adjustments along the way.
