Creating a will, and by extension, your estate plan is a significant milestone. After all, you have taken a proactive measure to safeguard your legacy and secure your loved ones’ future. However, this is never the end of things.
Life is constantly changing, and so are your estate-planning objects and needs. This is why you need to keep every component of your estate plan up-to-date. Remember, an outdated will can cause just as much trouble and headache for your loved ones as dying without one.
That said, here are three instances when you should consider updating your will.
When you relocate
Estate planning laws vary from state to state. If you are moving to New York from another state, it is important that you update your will to comply with your domicile state laws. The same applies when you are moving to another state from New York.
When there are changes in your beneficiary
People are bound to come into and leave your life. If you created your will before getting married, and you wish to leave some inheritance for your new spouse, then you need to include them in your will. The same applies if you have had a child either by birth or adoption. Likewise, if you have recently divorced or separated, then you may want to remove your ex from your list of beneficiaries.
When your children grow up
One of the updates you need to make on your estate plan is designating a guardian for your minor children. A guardian is responsible for assuming parenting responsibilities of a minor should something happen to you or the other parent. However, when your children reach adulthood, then there may be no more need for guardianship. In this case, you may need to revise the document to remove this provision from your will.
As your needs and wishes change, so should your will. Find out how you can keep your will up to date to reflect your wishes.