Creating a will is a smart, responsible thing to do. In fact, no matter how old you are, having a will is recommended.
While this is true, it doesn’t mean you can ignore the document once it is created. In fact, you must update the will from time to time. Some of the situations that necessitate an update to your will are found here.
You get married
Getting married is a joyous occasion. While you may focus on the wedding and honeymoon, don’t forget about the practical side of things, including updating your will. Now is a good time to add your new spouse to your will and other estate planning documents.
You get divorced
When you divorce, you’ll need to amend your will again. At this point, changing your will to exclude your ex is usually necessary. Most people don’t plan to leave their assets to someone they are no longer married to.
You have a child
Having your first child (or second, or third) requires you to update your will again. At this point, you will likely want to include them as beneficiaries. Adding them when they are first born ensures your documents are updated if the unthinkable happens.
Creating a will in one state is fine; however, if you move to another state, you need to find out the laws and requirements for wills. These requirements and regulations are not universal, so it may be necessary to update your will to meet the state’s requirements depending on where you move.
Updating your will
It’s a good idea to update your will anytime you experience a significant life change or event. This will ensure things are updated and accurate for when you pass away.