Being financially responsible may be one of your best traits and creating a will preemptively is a sign of excellent planning. Yet nearly 2.5 million Americans die each year with the majority of them having nothing in writing. Having a will in place is a great practice that can help ensure your family’s well-being in the future. Once you have made a will, it is not out of sight out of mind. Even though it can be a tedious task, updating your will is a necessity.
How often do you need to revisit your will?
Both a will and a living trust along with the rest of your estate plan should be reviewed at least every five years. If there is a change in the law, your financial situation or personal circumstances you should revisit your will at each crossroad.
Should you get married, remarried, divorced or separated revising your will is a must. Not only does this apply to your will, but other assets like retirement accounts, life insurance and real estate.
Becoming a parent is often the first time people think about doing any type of planning for an estate. One of the most crucial aspects when creating a plan for your estate is to name a guardian for your children and make sure provisions are in place to provide for them financially in case something happens to you.
A promising investment, changing tax law, losing a spouse or the diagnosis of a terminal illness are all other reasons why it is crucial to keep your will up to date.