Like most of your neighbors, you work hard every day. Whether you have millions of dollars or just a few assets, you want control over what happens to your belongings. If you do not have a comprehensive will, you may have little say in the matter. Further, if you have not reviewed your will in a few years, it may no longer represent your most current wishes.
Writing a will can be challenging. Unfortunately, though, you may need to rework your will's language several times throughout your life. If any of the following four situations apply to you, you should probably update your will now:
1. You have a new family
Relationships change all the time. If you recently married your spouse, had children or developed other relationships, you may want to include new family members in your will. If you fail to do so, your loved ones may not have access to your wealth after you die.
2. You have moved
Generally, wills are a matter of state law. If you move from one state to another, your will may not be enforceable. Rather than leaving your assets to chance, you should review your will to determine if it meets the legal requirements of your new place of residence.
3. You have acquired new wealth
You probably do not want to rewrite your will every single day. Still, if you have acquired new wealth, your current will may not effectively address it.
4. You have forgotten what your will says
Life moves quickly. When balancing work, life and other commitments, reviewing your will can seem unimportant. Nonetheless, you may have no idea what your will says. If you are not relatively familiar with the provisions inside the document, it may be time to read it again.
With some planning, you can direct what happens to your assets after you die. Unfortunately, though, life events often necessitate modifications to your will. By regularly reviewing and updating the document, you can be certain your wealth ends up where you want it to be.