Getting your estate plan together can feel like taking a weight off of your shoulders. Once all of your documents are properly executed and put away it’s easy to forget about them. As your life moves forward, parts of your plan, such as your will, may need to be updated. However, it’s not always clear when it’s time to make major adjustments. Here are some signs that you need to change your will:
Changes in Your Family
For many people, a will involves different family members. If you were unmarried when you drafted your first will and have now tied the knot, you and your spouse will need to examine your wills and add one another. Married parents who have had added another child will also want to change their will to include their new son or daughter. If a relative who was named in your will as an heir or as personal representative has since passed away, now is the time to amend the document. You want your will to reflect the current state of your loved ones and heirs.
Your Personal Preferences Have Changed
One thing most people don’t consider is that you could name someone in a vital role in your will and decide they are not the right person at a later time. The fact is that people and relationships change throughout our lives and the person that was a perfect choice when you made your will, may later turn out to be wrong. For instance, at the time you made your will you may have believed child’s then best friend’s parents would be ideal guardians for your kids, and now your families barely know one another. The brother that was your first choice as a personal representative may now be living abroad. It’s important to consider these decisions and to update your will according to your personal preferences.
Changes to the Law and the Passage of Time
If you made your will several years ago, there is a good chance the laws have been through some changes since then. Further, even if the statutes have not been amended, there have probably been developments in the estate planning area that will impact you and your assets. If you have not touched base with your estate planning attorney in a few years, it’s time to make an appointment to review your will.
At the Law Offices of Alice A. Salvo, we have experienced attorneys who are here to discuss your estate planning needs and can help you evaluate and update your will. Contact us today to schedule your free consultation.