Updating a will can seem like a chore that can always be put off until tomorrow. Of course, we know that a will is specifically for planning what happens in the event that an unexpected or tragic incident occurs.
While it may be uncomfortable to think about for some people, this is exactly why it is important to be proactive and to keep your will current.
But when is the right time to update your will? Do you need to be a certain age before you should start thinking about a will?
Since wills don’t expire, there is no automatic process to remind you that it is time to take it out and make sure it still accurately reflects your wishes and the best interests of the ones you love — no matter how old you are.
When to update your will
The best approach to take is to be sure to update your will after major life events. What is considered a “major life event” can be a little different for each person, but in general you’ll want to make sure to review your will after:
- Getting married or divorced
- Having a child
- Starting a business
- Buying new property
- A death in the family
- Retirement
In addition to these major life events, there are a variety of other events that should trigger some concerns about reviewing your will, such as:
- Family difficulties, such as estrangement from children or parents
- Health concerns, such as dementia
- Significant financial changes
Lastly, there are a number of events that can happen that are related directly to the will and would force you to make an update, including:
- The executor of your will has died or otherwise is no longer fit to carry that role
- A beneficiary has died or your relationship with them has changed significantly
Make time to plan
Taking a little bit of time now can save many headaches and much heartache later on. Arrange time with a wills and estate lawyer like Epstein and Associates to review your will and make sure that it still is relevant.
Making time for this important step can give you peace of mind that your loved ones will be protected!