When you create a will, you’ll immediately feel better about your future. You know that if anything happens to you that your estate will be managed in the appropriate manner. It’s also a good way to ensure the well-being of your loved ones.
However, there may be something you’re forgetting: your circumstances can change over time.
It may not be something you want to do, but it’s a good idea to review your will at least once a year. And of course, if you have reason to review it before then, don’t delay. The last thing you want to do is take a risk with your estate plan.
The passage of time is the number one reason to review and amend your will, but there are other circumstances that may push you down this path. Here are several to keep in mind:
- Marriage or divorce: Either way, your life is changing in many ways. For example, if you divorce, you probably don’t want to name your ex-spouse the executor of your will. If you’re planning to marry or divorce, get ahead of the game by reviewing your estate plan for potential changes.
- Growing your family: Are you bringing a child into the world? Do you have plans to adopt a child in the future? Either way, when your family grows you need to review your estate plan carefully.
- Change in financial circumstances: Have your financial circumstances changed drastically for the better or worse? An example could include winning the lottery or receiving an inheritance.
It’s better to be safe than sorry when it comes to your will and estate plan in general. If you have questions about amending your will and/or require professional guidance, contact our law firm to schedule a consultation with an experienced estate planning attorney.