8 Reason to Update Your Will

8 Reason to Update Your Will

1.) You’ve Moved

Wills are administered in the state that you die in, not the state that the will was written. Different states have different rules.

2.) Beneficiary Changes

Your beneficiary, or person who will receive advantages from your trust, will, or life insurance policy may have passed away. You might also consider adding a new beneficiary. 

3.) Marital Changes

Marriage statuses change. Recent marriages or divorces may lead to an update in your will.

4.) Asset Change

Asset may increase or decrease in value. It is important for your will to have the correct worth of your assets. 

5.) Additional Child/Grandchildren

It is important to update your will when you have new children or grandchildren. As they grow up you may want to change their inheritances as well. 

6.) New Legislation

New bills and legislations are always being proposed and passed. It is important to keep track of these and meet with an estate attorney. 

7.) Changes in Charity Relationships

If a charity plays an important role in your life, you may consider putting that charity in your will. 

8.) Poor Health 

If you or a beneficiary has been diagnosed with a terminal illness, it is important to address any changes that may be affected in your will. It is recommended that you consult with an attorney to make these changes.