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You already have a will, so why should you update it?

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.

Relationship status

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.

Parenthood

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.

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