As you get older and start putting together your estate plan, one of the things you may want to do is to update your will.
There are several times when you should consider updating your will and estate plan. Some of these include when you have your first child or you get a divorce. There are several other times when it makes sense as well. Here are four additional times to consider updating your will.
1. You plan to get married
The first time that you should update your will is if you plan to get married. You can change the will to include your new spouse, to make sure step-children or your own children are protected and to add trusts.
2. You adopt a child
When you adopt a child, you can update your will and estate plan to include them as a beneficiary as well as to provide guidance on their care.
3. You lose a loved one
If someone who is mentioned in your will passes away, it may be a good idea to take them out of the will. This is particularly important if they are included in guardianship or health care power of attorney duties.
4. Your child gets married
If your child gets married, you may update your will to reflect any inheritance or wishes you have for them by adding trusts or other legal protections. If they don’t have a prenuptial agreement, your will may help you protect their inheritance by specifically stating that it is not for the spouse or by setting up requirements to obtain that inheritance.
These are a few times when you may want to update your will, but they’re not exclusive. Our website has more on wills and why they may need to change over time as your life changes.