Preserving & Protecting Your Family’s Assets & Legacy

When should you update your will?

On Behalf of | Mar 3, 2021 | Estate Law And Asset Protection |

A will is one of the most important documents to include in your estate plan. In its most basic form, a will dictates how to divide your assets after you die.

Without a will, the American Bar Association states that who receives your property after your die could be up to the descent and distribution laws in your state. After you take action and create a will, there are several times throughout your life where you should update this document.

Following marriage or divorce

If you get divorced, you likely do not want your ex having rights to your property. But if you get married, you may want your spouse to inherit your property if you died. For these reasons, review your will after marriage or divorce.

After you become a parent

A will lets you distribute your property to your children, and you should update your will every time you add to your family. This document also allows you to name a guardian who would care for your children if you suddenly died.

When you obtain or lose property

If, for example, you obtain an inheritance, you should make changes to your will. As your wealth fluctuates throughout your life, regularly change who will receive your assets if you died.

In addition to these circumstances, you should plan on reviewing and making any needed changes to your will approximately every year. You should keep your will in a safe place where you can easily access it and let your beneficiaries know where you store it.


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