Updating your will why and how often

As an adult you face many stresses in day-to-day life. One stress that you can easily avoid is questions surrounding your Will. It is important to have a Will so that your family isn’t left with questions and confusion about the estate you left behind. Not only will this make you feel less stressed while you are living but will make your families grieving processes much more easier to deal with without having the confusion of no Will or an old Will to deal with.

You may wonder when would be a good time to get a Will is. The answer to this is simple, if you don’t have one get one right now! If you already have one a question you might be asking is “when is a good time to change my Will?” a good time to change your Will is after any major life change. These include: getting married or divorced, adding a child to your family, having a grandchild, welcoming a son or daughter-in-law to the family, divorce of a beneficiary, dealing with the incapacity of a beneficiary, inheriting assets, selling or buying a business, winning the lottery, retiring, buying extra real estate, losing any assets or money or moving to a new area or country.  These many different life changes can have an affect on your Will because they add assets to your estate, which will be important to your family after you pass.

Not only do these changes in your own personal wealth and life affect your will, there can also be external factors as well. These include such things as tax changes, new laws and different laws in different areas where you own assets. To be conscious of the laws that affect your will is important in keeping your will updated. This will make the transition after your death for your family much smoother.

Besides updating your will with major life changes it is a smart move to update your will once every few years just to avoid any surprises along the way and any conflict to your family after your passing. Keeping a will updated is one of the easier things in an adult life that will lessen the stress of “Grown up” tasks.

Many law firms that deal with the drafting and maintaining of wills will offer a service to help you keep your will up to date by having meetings once a year or once every few years to make sure things run smoothly with the execution of your will and all the beneficiaries involved.