Creating a will is one of the most important steps in protecting your family and your assets. But a will is not a “set-it-and-forget-it” document. Life changes, laws change, and your wishes may change. Reviewing your estate plan regularly ensures it continues to reflect your intentions and protect the people you care about.
Below are the most common times when updating your will is advisable, along with why each situation matters.
Marriage often changes financial responsibilities and inheritance priorities. You may want to add your spouse as a beneficiary, executor, or guardian for minor children. Conversely, divorce typically requires removing a former spouse from roles and distributions.
Both sides to consider:
A will allows you to name a guardian for minor children and establish how assets should be managed for them. Without updates, younger children may be left out or without clear guardianship instructions.
Key benefit of updating: You maintain control over who raises your children and how funds are handled.
Risk of not updating: Courts may decide guardianship, and assets may pass in ways you did not anticipate.
If someone named in your will passes away, your plan may no longer function as intended. Alternate beneficiaries and backup executors should be added.
Buying property, selling a business, receiving an inheritance, or accumulating substantial savings can affect how you want assets distributed. Your original plan may no longer be balanced or tax-efficient.
Consider both perspectives:
Business ownership introduces succession planning issues. Your will should coordinate with any buy-sell agreements and clarify who inherits ownership interests.
Over time, relationships evolve. You may wish to include new beneficiaries (such as stepchildren) or adjust distributions due to special circumstances, like a beneficiary with disabilities or financial challenges.
Executors, guardians, and trustees should be people who are capable and willing. If trust or availability changes, your documents should reflect that.
Estate laws and tax rules evolve. While not every legal update requires a new will, periodic review ensures your plan remains effective under current law.
State laws govern wills, probate, and certain property rights. Relocating can affect how your will is interpreted. While many wills remain valid across state lines, updates may improve clarity and compliance.
A good rule of thumb is to review your estate plan every 3–5 years, or sooner if any major event occurs. This does not always mean rewriting the entire document; a simple amendment (codicil) is sufficient, while other situations call for a full revision.
Updating your will is not about expecting the worst; it is about maintaining control and reducing stress for loved ones. Regular reviews help ensure your plan reflects your life as it exists today, not as it was years ago.
If you are unsure whether your current will still fits your circumstances, a professional review can clarify your options and help you make informed decisions.
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