How often should you update your will?

Wills should be updated at least every three to five years or when major life events necessitate them sooner.

12 Different times when you should update your Will

You should update your will in the following 12 different times; –

1. When you get married.

Marriage is a significant event for everyone and aims to unite two people. Getting married makes a legally valid will void if the same was not made in consideration of the marriage.

You should specifically make aware that you are married and your bequest to them in the event of your demise.

2. When you get divorced.

The notion of being one is separated during divorce, and each party becomes single. Since the spouse is not part of your life, you must update your will and make any changes you had earlier bequeathed as your spouse.

3. When you have a child.

The birth of a child is an addition to your family and a continuation of your legacy. You need to update your will to provide for the child in the event you are deceased. This provision should include who will be the child’s guardian and how the child’s inheritance will support the child.

4. When you adopt a child.

Adopting a child means you take up all the responsibility of providing for the child. This is similar to having a child. You should, therefore, update your will to provide inheritance for them and a means of provision when they grow up together with appointing a guardian.

5. When you acquire significant assets.

Acquiring significant assets will impact your will, as you will have more assets than what was started in your will. To make a provision for all your assets, you will need to update your will to include the newly acquired assets and bequeath them to your desired beneficiaries.

6. When you sell significant assets.

Selling major assets will impact your will as you now have fewer assets than what has been provided for in the will, and those whom you bequeathed the sold assets will now be rendered without any inheritance. Hence, the need to update your will to make the necessary changes and adjustments to reflect the current position of the estate.

7. When a beneficiary passes away.

When a named beneficiary passes away before you, you should update your will and make any necessary changes, such as bequeathing the portion to a new beneficiary or making a contingency plan for the portion to go to the deceased beneficiary’s children.

8. When an Executor passes away.

If your appointed Executor passes away before you, it is best to update your will and appoint a new Executor. This person will be responsible for making sure your Estate is dealt with according to your wishes.

9. When you move to a different state.

Moving to a different state means different laws will apply. It is best to update your will to ensure compliance with the different State laws and their validity.

10. When you move to a different country.

All countries have their own laws on Estate Planning, and it is best to update your will when you go to a different Country and apply the laws in that Country for your will to be legally binding and for any new property that you may acquire in that country.

11. When you reconcile with a previously estranged beneficiary.

It is possible to reconcile with an estranged beneficiary, and for them to be provided for in your will, you need to update it, include them in the will, and make your desired bequeath.

12. When you experience significant health changes.

Having a serious health change or aging is a good reason to update your will and make sure everything is taken care of in the event of your demise.

What happens if you don’t update your will?

When you do not update your will regularly, it will lead to your assets not being distributed to whom you want, some of your beneficiaries will be excluded from your inheritance, and some legal challenges of invalidating your will.

Can I update my will myself?

Yes. You can update your will yourself. However, you will need to make sure that all the legal steps and requirements for updating a will are taken. It is best to consult a legal professional for assistance from LegalPen and to ensure that the update to the will is legally binding and will not be deemed void.

What does it cost to update my will?

Updating a will might cost between $50 and $500. This cost of updating a will includes the legal costs and expenses, depending on the simplicity or complexity of the update.

What are the next steps after updating your will?

Once you have updated your will, you need to have it witnessed according to the law and store the updated will in a safe place.

Should I write a new will or update an old one?

This will depend on the changes you want to make in the will. If the changes are minor, like changing an address or an executor, you can update an old will. However, if the changes are major, like introducing new assets or new beneficiaries, you will need to write a new will to make your wishes clear.

How many times should you change your will?

You can review and change your will as many times as necessary, between two and five years or after every major life event.