Once you have your will in place, it may become necessary to make changes down the line. This may include new assets, changing family members, and more. Here are some of the life events where you may need to revisit your will.
HOW DO I CHANGE MY WILL?
Although this sounds time consuming, depending on the amount of changes, it may be incredibly simple. If there is only one change you need to make, such as adding a beneficiary, you can add a codicil to your will which is simply an attached document to your existing will. If you need to make major changes, it may be easier to rewrite it to prevent confusion down the line. Make sure you work with an attorney to ensure that any changes you make aren’t nullifying your will based on individual state laws.
WHY WOULD I NEED TO CHANGE MY WILL?
Family Changes
Changes in your family, such as a birth, adoption, marriage, death, or divorce may result in your will needing to be changed.
Moved to New State
Every state has their own laws dictating wills. It’s important to ensure that any will you currently have meets the local laws to ensure it can be carried out. You will also need to change your addess to reflect your new home.
Downsized
If you've sold items or property that was included in your will, you may want to go through and remove these so your will is up to date. If there are people who were set to recieve these items, you may want to redistibute property.
Changed Your Mind
Simply changing your mind may warrant a change in your will. If you want to change who gets what or want to take people out, making the change now will ensure your wishes are carried out.
HOW OFTEN SHOULD I UPDATE MY WILL?
Even if no major changes happen in your life, you should still review your will to make sure everything is up to date. It's recommended to read over it every three to five years just to make sure it still works.
