Creating a will is an essential step in ensuring that your assets are distributed according to your wishes after you pass away. However, it's important to remember that a will is not a "set it and forget it" document. Regularly reviewing and updating your will is crucial to ensure that it accurately reflects your current wishes and circumstances.
Here are some reasons why updating your will is important:
Changes in your family situation: If you've had children, gotten divorced, or remarried, you may need to update your will to reflect these changes.
Changes in your financial situation: If you've experienced a significant increase or decrease in your wealth, it may be necessary to update your will to ensure that your assets are distributed according to your current wishes.
Changes in the law: Estate planning laws and tax codes can change over time, so it's important to ensure that your will is up-to-date with the latest regulations.
Upgrade to a trust: If you've become very wealthy or own multiple homes, it may be a good idea to upgrade to a trust. A trust can provide additional benefits, such as reducing estate taxes and avoiding probate. In this case, it's important to contact a dedicated attorney to ensure that your trust is properly set up and administered.
The consequences of not updating your will: If you don't regularly review and update your will, there can be serious consequences. Your assets may be distributed in a way that you don't want, or worse, your loved ones may face legal battles and complications that could have been avoided.
It's important to note that only 1/3 of the US population dies with a will, which means that 2/3 of the US population does not have one. This is a huge problem, as it can lead to a lot of confusion and conflict after a person passes away.
In summary, regularly reviewing and updating your will is crucial to ensure that your wishes are accurately reflected and to avoid unnecessary complications for your loved ones. Don't wait until it's too late to make sure that your affairs are in order. Take the time to review and update your will today.