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When do you need to consider updating your will? 

On Behalf of | Jan 19, 2023 | Estate Planning |

We all understand the importance of having a will. It’s a way to ensure that your loved ones receive the inheritance you’ve worked so hard to acquire for them over the course of your lifetime. Additionally, you want to make sure that your family’s adjustment into managing your estate following your passing is as simple as possible.

Life changes with time, so it can be a good idea to review your will to make sure it still matches your wishes. You might also want to revise your will as a result of certain life circumstances, including the ones listed below.

Births, deaths, marriage and divorce

Large life events like the ones listed above can all have a big impact on who you want to receive an inheritance after you pass away. Make sure your will always matches your current circumstances and is crystal clear about who you want as your beneficiaries. By doing so, you can prevent disagreements and challenges to your will from persons who are either not mentioned in it or who are mentioned but the other beneficiaries believe should not be.

Your finances are no longer the same

Finances can radically alter over time, for both good and bad reasons. You might wish to make provisions in your will if you’ve recently inherited a substantial sum of money or, conversely, if your investments aren’t performing as well as you’d want. If your will designates a certain amount of money to each child, for example, you may want to revisit this regularly to make sure it still accurately reflects your wishes and financial situation. 

Making changes to your will does not have to be a challenging or time-consuming procedure. The best way to ensure that your wishes for your beneficiaries are accurately recorded is to seek legal guidance.