A will is one of the most important legal documents you can ever create and sign. With a valid will in place, you can have peace of mind knowing that your assets will be passed down to the right people when you die.
To serve its intended purpose, however, your will must be up to date. Understanding scenarios that can require a will update can help ensure that it remains relevant.
Here are scenarios that can make your will outdated.
1. Change in your status
When you marry with an existing will in place, you need to update it, as spouses typically have a right to inherit something – which is likely what you would want anyway.
Also, if you divorce after creating the will, it is important that you update the document to reflect your change in status. This is especially important if you granted healthcare power of attorney to your spouse or if you wish to give the assets they would have got to someone else.
The birth of a child or a grandchild is no doubt an exciting experience in a person’s life. However, it is also an important time to review your will. Some of the updates you need to make on your will following the birth of a child include designating inheritance and nominating a guardian for your little ones.
3. Changes in your assets
Assets fluctuate in value and size over time. If you have gained or lost some assets, it’s important that you update your will to reflect these changes. If you have gifted away some assets, changed their ownership or transferred them to a trust, it is important that you update your will to reflect these changes as well.
An outdated will can not only ruin your legacy but also set your loved ones up for unnecessary disputes. Find out if your existing will is truly up to date.