Knowing how frequently to update your will is crucial for ensuring it accurately reflects your wishes. This article explores the recommended timeframe for reviewing your will, when to consider making changes, and the importance of keeping it up to date.
It is advisable to review your will at least once every 12 months. On the anniversary of when you made the will, take the time to retrieve it, carefully examine its contents, and ensure that it still accurately reflects your wishes. The last thing you want to do is simply “set and forget” your will, a mistake many people make.
Reviewing Your Will: However, reviewing your will annually does not necessarily mean you need to make changes to it every year. You should only update your will if the wishes outlined in it no longer align with your current desires.
Common Scenarios for Updating Your Will: There are several common scenarios that may warrant updating your will. These include:
- Broken Relationship with a Beneficiary: If you experience a severed or strained relationship with a beneficiary mentioned in your will, it is important to reassess your wishes. Consider whether you still want them to be included and, if not, make the necessary amendments.
- Death of a Named Beneficiary or Executor: In the unfortunate event of the death of someone named in your will as a beneficiary or executor, it is essential to update your will. Ensure that the distribution of assets and appointment of executors accurately reflect the current circumstances.
- Significant Changes in Assets: Significant changes in your assets should prompt a review of your will. For instance, if you sell your old car and acquire a new one, it is essential to update the details of your assets to maintain accuracy.
Conclusion: In essence, you should consider updating your will whenever there is a notable change in your circumstances. By regularly reviewing and updating your will, you can ensure that it remains up to date and accurately reflects your intentions. Remember, a will that accurately represents your wishes is a vital part of your estate planning process, providing you and your loved ones with peace of mind.