Before we address the main point of this blog post, we want to implore everyone out there to create a will. Many people don't ever create a will, and as a result their estate is thrown into chaos when they pass away. Having a will allows you to dictate how you want your property to be divvied up when you pass away, and it reduces the chance of unwanted litigation. It also protects your nest egg and all of the assets you have built up over your life.
Having said that: creating a will isn't the only step to proper estate planning. You also have to update your will and your estate plan frequently. Certain events throughout the course of your life could also necessitate an update to your will or estate plan, such as:
- If you get married or divorced, then you should update your estate plan. You would want to include your new spouse or possibly write out your former spouse from the will or estate plan.
- A change in state laws regarding estates is enough to warrant an update to your estate plan.
- Along the same line as a change in state laws, the passage of time is simply enough to warrant a review (and possible update) of your estate plan.
- If you have kids, or you have grandchildren, then it is time to revisit your will and your estate plan.
- If there is a dramatic change in the value of your estate, or if you acquire a significant asset, then you should update your estate plan.
Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents," Accessed Aug. 2, 2017