It may not be at the top of your to-do list, but updating your will is a step that you need to take every once and awhile. If you leave your will unattended for years and years, it can leave you and your estate vulnerable to execution problems, such as assets going to people you did not intend to be beneficiaries anymore, or assets that aren’t even accounted for in your estate plan or your will.
The passage of time is just one reason that someone should sit down and take a thorough look at their will. But their are many other reasons that an update to your will is necessary.
For example, consider your beneficiaries and heirs. Have you fallen out with any of them? Has your relationship changed significantly? Have any of them passed away? These are important factors to consider, and the answers to them may dictate how your heirs and beneficiaries are handled during the execution of your will and estate.
Also, any major life event is reason enough to update your will. Did you get married or divorced? Did you have children? Did your children have children? Did one of your children turn 18? Did your estate suddenly increase or decrease in value, or did a significant asset move in to (or out of) your estate? All of these elements are critical to updating your will.
Don’t let your will sit idly by. Creating one doesn’t necessarily mean that the provisions and clauses will hold up for the rest of your life.