Updating Your Will – 10 Life Changes that Should Prompt You to Update Your Will
Studies show that the average person considers updating your will once every 19 years. A lot can happen in 19 years that will require an update to your will. Circumstances change over time and your will should reflect those changes. The top reasons to update your will include changes in your relationships or your family, changes in location, changes in assets, and changes in tax laws.
It is best to review your will at least every three years to ensure that your will still accurately reflects your wishes. As you review your will, keep the following considerations in mind:
- Have you gotten married or divorced since you prepared your last will?
- Has a named beneficiary in your will died?
- Has there been a birth or adoption of a child/grandchild since updating your will?
- Were your children minors when you first executed your will, but have now reached the age of 18?
- Are there any changes in circumstances that affect whom you’ve named as executor, guardian, or trustee?
- Has there been a significant increase or decrease in the value of your estate?
- Would you now like to provide a charitable donation?
- Have you started a business since updating your will?
- Are you approaching the age of retirement and have you begun taking distributions from your IRA, 401(k), or other qualified plan?
- Have you moved out of state?
A will is a very important document that gives you the choice as to what happens to your property and family. Without a will, the courts will decide what happens to your assets, and can even decide what happens to your children. If you answered “yes” to any of the above questions, it’s safe to say that you probably need to update your will.
Lyons & Lyons can assist you with your will preparation and estate planning needs. Call 513-777-2222 and we can help.