Updating your will is not at the top of your to-do list after you have already drafted a will to protect your family and loved ones. While this is certainly understandable, your life did not stand still the moment you signed that document. It is important to update your will on a regular basis because a lot can change even in a year that might make parts of your will obsolete.
When you should update your will
It is advisable to review your will every few years and make updates as necessary. It is also important to update your will in the event of major life changes. Major life chances include marriage or divorce, death of a named beneficiary, addition of family members or changes in the value of your estate.
You are ensuring that it reflects the most up-to-date version of your estate plans when you update your will. Relationships in your life do not remain static. Perhaps you want to add a new name or remove an old name. Your will should go hand-in-hand with your current wishes.
In addition, your will should make the most of any recent legal developments. Several changes in the law have occurred within the past five years that may affect the execution of your will. For instance, if you have not updated your will since late 2012, you may not benefit from a law that provides tax relief for the surviving spouse depending on your combined income.
Updating your will does not have to be difficult or time consuming. Contact a qualified attorney and go over your will together. You want to plan and provide for your loved ones as best you can. This means keeping it up-to-date so that your wishes will be honored.