Having a will can give you peace of mind. It allows you to rest assured that you have made your wishes known and done your best to provide for your family after your death.
However, this does not mean you should file the document away and forget about it. There are many key points in your life when you should reexamine your will and make necessary changes.
You marry or divorce
When you are planning a wedding, your estate plan might be the last thing on your mind. Likewise, it can be easy to forget about your will when you are going through a divorce. However, when your marital status changes, updating your will is essential.
You have a child
Your will should include plans for the care of your children if both parents pass away before they are grown. As your family grows, you should update your will to address guardianship for all your children.
Your children’s needs change
As your children grow up and forge their own paths in life, you may change your mind about how you want to distribute your assets. If one of your children has a disability and requires lifelong care, you may need to modify your will or establish a special needs trust.
You need a new executor
Your executor shoulders many responsibilities, so it is critical that you appoint the right person to this position. If your chosen executor is no longer available or appropriate for the job, it is time to revisit your will and assign a new executor.
Updating your will as your circumstances change can help your family avoid costly disputes after you pass away.