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How Often Should I Update My Will?
One of the most crucial documents you will ever write in your life is a will. However, many people write their will, store it for safekeeping, and never look at it again. This can be a massive mistake. Your life and finances will undoubtedly change. You may decide to relocate later. Your financial circumstances may change. You may welcome new family members and say goodbye to loved ones, etc., etc. These important life events, among others, usually require updating your will.
Reviewing your will constantly might seem tedious, but keep in mind that you don’t necessarily need to update it every time you review it. In general, you should consider reviewing and updating your will accordingly every three to five years to make certain that your will accurately reflects your current wishes and all the significant changes in your personal and financial circumstances, including the following:
Changes in Properties, Retirement Plans, Businesses, and Financial Circumstances
Your assets will continue to change, for better or worse. Maybe you started a small business that became a massive success or made strategic financial investments that paid off. Perhaps your will details how much money you’ll leave to each of your children, but the value of your estate has decreased or increased since you drafted your will.
The specific dollar amounts in your will could present challenges for your estate administrator. If this applies to your case, you must update your will to reflect your estate’s current value. These are crucial changes that you need to consider when reviewing your will.
Changes to Your Family Structure
These can include the birth of your children or grandchildren, adoption, a marriage or divorce, a death in the family, and kids growing up. Updating your will’s beneficiaries or inheritors will help make certain that your loved ones will receive your valuable possessions as you intended.
Changes in Your Health
Getting a terminal illness or degenerative disease diagnosis will naturally put families into crisis mode. But you may take comfort in knowing that your estate plan is in order. Make sure to review and update your will and related documents before it’s too late.
Changes in Your Living Situation
If you are no longer living in the same state you were living in when you drafted your will, you must speak to a local estate planning lawyer about updating your will. States have different estate laws and estate planning requirements, so you must ensure that your will complies with the laws in your new state.
Changes in Estate Planning and Tax Laws
Mainly, these include new requirements for estate planning and tax exemption amounts you’re allowed to leave for your loved ones. Because state laws change constantly, you must periodically review your will and ensure that it is compliant with all the relevant laws.
Consult With a Seasoned Largo Estate Planning Lawyer Now
Need help drafting or updating your will? Get in touch with the Largo estate planning lawyer at Mickey Keenan, PA. Call 813-871-1300 or reach us online to set up your appointment with our Largo estate planning lawyer.