Generally speaking, one should aim to review their will at least once every five years. This will provide the chance to take stock and see whether the wishes remain the same or if they’ve evolved over time. There are a few situations, however, when you should consider reviewing your will immediately.
Birth or adoption of a child, grandchild, or other family member.
Following a marriage or divorce.
When someone named in your will passes away.
Changes in family or romantic relationships.
When children, grandchildren or other heirs reach adulthood.
Changes in your executor, guardian, and/or trustee’s circumstances.
When the value of your estate significantly increases or decreases. Even if the changes to your estate are small, you may wish to change how your assets are dispersed.
Upon starting a business.
Following changes in tax laws. State and federal tax laws are constantly changing, and you want to be aware of how they may affect you and your beneficiaries. As wealth, assets and circumstances change, more extensive legal and financial strategies may be necessary for efficient tax planning.
When you are approaching age 70 and a half, the point when you are required to begin taking distributions from your IRA, 401(k) or other qualified plan.
Following a move to a different state, to ensure the will’s validity in your new home state. It’s crucial to understand how the new state handles probate, property, estate and inheritance taxes.
Following diagnosis of a chronic or terminal illness.
How to Review and Revise Your Will
If you haven’t looked at your will in a while, now is a good time to begin your initial review. You won’t need a lawyer for this first part. Consider the heirs, guardians, trustees and executors named in your will, and ask yourself these questions:
Is anyone missing from the document?
Is someone listed who shouldn’t be any longer?
Have any of the listed individuals’ circumstances changed since this will was drafted or last updated? (For example, is your executor still of sound mind and capable of serving in the role you have designated for them?)
How do you feel about the way your assets are to be divided?
If questions arise or revisions are needed, consult with an accountant as well as an attorney who specializes in estate planning. They will recommend either drafting a signed and witnessed addition, called a codicil, which is added to the original document - or officially revoking previous versions of your will and drafting a new signed and witnessed will.
If your will is valid and still represents how you’d like your estate to be handled, enjoy the added peace of mind that comes with confirming that your affairs are in order.
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