When should I modify my will?
If you have family, are married or just want to leave assets to those you care about after you pass away, it’s essential to have a will. You may already have a basic will in place, but did you know that you need to update it regularly?
There are many times when a will should be modified. Here are six that you should remember.
1. You have a child
The first time that you should update your will is when you have a child. In your will, you should address, at the very least, the guardianship of your child if you pass away and your spouse is no longer available to care for them.
2. You get divorced
The next time to change your will is after you get a divorce. If you have left your spouse and don’t want to leave them what you did in the past, an update is needed.
3. Your beneficiary has substance use issues or debt problems
Another time when it’s a good idea to change your will is when you find that one of your heirs or beneficiaries has a substance abuse or debt problem. You can add their assets to a trust or even disinherit them, depending on the issue.
4. One of your heirs or beneficiaries passes away
If one of your heirs or beneficiaries passes away, you should change your will to remove them. You can change the distribution of your assets to others or even create a memorial fund in their name.
5. New legislation passes
If new legislation passes, your will may be affected. Keep in touch with your attorney, so you can make changes if that occurs.
6. You move
Finally, if you move, then remember that you should update your will. Every state is different, so you want to be sure that your will is still valid after moving. Additionally, you may want to change your power of attorney or other documents to reflect the change in your location.
These are six times when you should modify your will. Generally speaking, it’s a good idea to review it every time a major life event happens, so you can decide if it’s time to adjust it.