After How Long Should you Change a Will?
Many people hardly update their Will because they don’t know the need for doing so. Preparing a Will is important, but you have to make some changes so that your final wishes may be fulfilled. There are several reasons that make it necessary for you to update your will.
It is important to have in mind the dates that your Will was drafted. According to experts, it is recommended that a Will should be reviewed after an important life event and after every five years. There are several factors that can call for the need to update your Will. Some of these factors include:
- Fluctuation of the value of properties
- Tax or regulatory amendments
- A substantial decrease or increase in your finances
Why Should You Update Your Will ?
Apart from the main reason that a Will should be updated regularly, there are other reasons that may require you to change your Will such as:
Changes in your family?
Marriage or separation-a fact that many people don’t know is that getting married automatically makes your Will invalid. As for a situation such as a divorce, your Will is not affected in a significant way, and the only thing is that if you had listed your partner as an executor, they can’t fulfil this role. This means that putting your relationship to an end, you have to review and update your Will.
Birth of new children or grandchildren-another change that makes it necessary to change your Will is in case there is the birth of children or grandchildren, or if any of your beneficiaries dies.
Changes in Your Financial Status?
The main reasons to be considered when it comes to financial changes are if you have a substantial decrease or increase in your wealth. For instance, you should have your Will reviewed if you buy a new home, sell a home or property, acquisition of a new business, inherit money or property. Even the smallest changes mean that you have to review and update how your assets have are spread on your Will.
Changes in Your Wishes?
A Will is a personal document, and you are the one who decides the people you want to benefit once you are gone. At some point in life, you might change your mind about the beneficiaries. In case this happens, you have an option of updating your Will.
Changes in Tax and Regulatory Laws?
Depending on your state, tax laws are always changing, and you have to be aware in case changes happen, and they affect your investments or property that you might have listed on your Will. In other situations moving from one state to another, might require you to consult an attorney. This is because every state has its laws and some of them might affect your assets which are the main elements of your Will.
Always keep your Will up-to-date by regularly updating it and maintain it in a good-working condition.