Creating a will is a crucial step in your estate plan. While not having a will can cause issues, not updating your will can be equally problematic. Your will, along with the rest of your estate plan, should evolve alongside your life. Here are a few of the many reasons why you should evaluate your will and make the necessary changes.
You have recently downsized
It is not uncommon for people to downsize as they grow older. Perhaps you decide to sell your large home in exchange for a more manageable apartment. The heir or heirs originally intended to receive the property will no longer be provided anything in your will. Anytime you let go of any significant asset, looking over your will is recommended. You may be able to redistribute your existing assets in a more equitable manner.
You have begun donating to a charity
Along with leaving your assets to your friends and family, you can also leave them to charitable organizations of your choosing. If you have already listed a charity in your will, you may no longer be satisfied with the contribution or you may want to alter the amount you originally pledged. In either case, a change of heart or interest is worth a will review if you plan on using your assets as a donation.
You have moved from one state to another
Each state has it is laws governing estate planning. As a result, attorneys often create their clients’ estate plans based on the laws in the current state of residence. If you change states, your will may no longer be valid. And even if it is still valid, benefits that your previous estate plan afforded may no longer apply. A new will should be drafted, one that adheres to pertinent laws in your new place of residence.