Writing a will is not something that people look forward to doing. The very thought of it can bring up some uncomfortable feelings because writing a will brings you face-to-face with your own mortality. Yet, as much as you may dread it, writing a will is necessary to ensure your wishes are honored when you pass away.
Once you have your will completed, you’ll either put it in a safe place or file it with your attorney. Then, you’ll most likely forget about it and go on with your life. However, there are times when you should review and update your will.
When should you update your will?
Updating your will at least every five years is advisable, though some people recommend revising it every three years. While updating it every three to five years is a good rule of thumb, some people don’t think about their will once it is written.
Whenever you experience a big, life-changing event, you should review and update your will. Some examples of this include:
- When you move to a new home, especially if it’s out of state
- When you have a baby or adopt
- When you get divorced
- When you get remarried
- When your financial situation improves or changes
- When your health becomes precarious
You may also want to look at who you have chosen to act as an executor, beneficiary or legal guardian. It might be necessary to consider selecting a new person to handle your estate if the health of the person you originally named has changed significantly in the past year.
Where should you start?
Updating your will may seem like a big job, therefore, you should seek assistance. Working with someone who is up-to-date on estate laws can help make the process much easier for you than it would be if you tried to take on this task by yourself.
