Should I Update My Will Every Few Years?
Absolutely! While a will provides a foundation for your legacy, life—and the laws governing estates—evolve. Updating your will every few years helps it stay aligned with your latest wishes, financial situation, and new legal requirements. Regular reviews help secure your legacy by minimizing conflicts, capturing changes in assets, and keeping family and loved ones protected. Creating your will on wills.com once comes with a major benefit! FREE changes for life, thats right your account allows you to create new estate planning documents or update them anytime in the future.
Updating your will every 4 to 5 years ensures it reflects current events in your life and meets any new estate laws. Here’s a closer look at key reasons for making routine updates:
Major Life Changes
Life is unpredictable, and big changes can significantly impact how you wish to distribute your assets. Here are some life events that often signal it’s time to review your will:
- Family Dynamics: Events like marriages, divorces, births, or changes in family relationships affect inheritance designations and guardianship decisions. For instance, a new marriage may mean you want to add your spouse to your will, while a divorce might call for removing or adjusting certain bequests.
- Career and Financial Shifts: Promotions, new ventures, retirement, or changes in financial health influence asset distribution. If you’ve gained new financial resources or investments, revisiting your will ensures these assets are distributed according to your wishes.
Changes in the Law
Estate laws can be complex, and even minor legislative changes can impact your will. Regular updates ensure your plans remain aligned with current legal requirements:
- Tax Implications: Tax laws around estates change frequently and can affect how much of your estate reaches beneficiaries. Staying current with tax laws helps you minimize the tax burden on your heirs.
- Remote Notarization and Digital Wills: Recently, some states have started recognizing digital wills and remote notarization, making it easier to update and validate your will. If your state allows digital wills, updating your documents with these options can make them more accessible and manageable.
Asset Reallocation and Personal Preferences
As time passes, your assets and preferences may change. Revisiting your will regularly lets you make adjustments to reflect these updates:
- New Acquisitions: Buying property, making new investments, or updating financial accounts often means updating your will. If you’ve purchased a home or gained valuable items, including them in your estate plan helps prevent confusion down the road.
- Updated Wishes: As beliefs and relationships change, so may your preferences for guardianship, charitable contributions, or distributing sentimental items. For example, you may want to leave more of your estate to charity or assign guardianship of a child to a trusted friend—adjusting your will ensures these wishes are recorded.
Planning for Digital Assets
In today’s digital world, people have valuable online assets—from social media accounts to cryptocurrency wallets. Including these assets in your will can avoid complications and preserve your digital legacy:
- Digital Property: Social media accounts, online financial holdings, and digital assets need special handling in estate planning. By updating your will, you can provide instructions for managing or closing accounts, distributing digital earnings, and preserving memories.
- Passwords and Access: A recent development in digital wills includes securely passing on access information. Including instructions for key accounts and digital assets helps loved ones access what they need.
To Summarize
Updating your will every few years ensures it stays in line with your current wishes, financial situation, and the latest legal developments. A will that reflects life’s changes minimizes disputes, streamlines asset distribution, and secures your legacy. If you haven’t reviewed your will recently, it may be time to ensure it’s up-to-date, protecting loved ones and honoring your wishes.
Ready for changes? With Wills.com, updating your will is simple and convenient. Start today to keep your legacy current, relevant, and protected.
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