Thankfully, you took the time to craft a will for yourself and your loved ones. Do you plan on changing the legal document’s contents?
Next Avenue explains situations that often require updating a will. Ensure your estate plan always represents your most current desires.
Selling your home
If you ever sell your current home and buy another, update the property’s address on your will. If you want to leave real estate property in your will, the document should list the most current physical address along with the person you leave the property to.
Moving to a different state
Did you move to North Carolina after creating your will? Or maybe you plan to move out of state. Either way, your will must cater to the laws of the state in which you currently live. For instance, one state may require your will to have three witness signatures, but another may require two or four.
Downsizing
You may rid yourself of some possessions. If you do, change your will so it includes only items you currently own and want to leave your beneficiaries. Including a possession in your will that you no longer own could mean the person you left the item to gets nothing.
Shifting financial situation
If your financial situation changes for the better or worse, such as coming into a sizeable inheritance or losing your job, update your will to reflect the current size of your estate. This becomes essential if you leave a specific dollar amount for your beneficiaries.
Reconsider adopting a set-it-and-forget-it approach to estate planning. Regular reviews may help save you, your executor and your beneficiaries a lot of trouble.