Recently we stumbled upon a question about when should one should update their will. We spoke with estate planning attorneys and they all agreed that if there has been a major change in your life, such as giving birth, marriage, or divorce you need to alter your will.
Have you moved to another state or you just welcomed your grandchild? If so, then it’s time to update your will. There are countless reasons, but we want to share with you the top 10 reasons listed by Findlaw.
1. The individuals you have named are deceased.
2. New people should be named in your will (e.g. birth, adoption).
3. Divorce or marriage.
4. New state laws. You need to periodically check to see whether your state has enacted new laws that impact your estate planning documents. More importantly, if you move to a different state, don’t assume that your will made in your previous state conforms to the requirements of your new state. Each state has its own legal requirements for making a will.
5. Change in guardians, personal representatives, or trustees.
6. Children reach the age of eighteen.
7. A substantial increase or decrease in the value of your estate.
8. The acquisition or disposition of a significant asset.
9. You should see an attorney about reviewing and updating your estate plans prior to reaching 70 1/2 years of age if you have an IRA, 401(k), or other qualified plan that requires you to begin to take distributions at age 70 1/2. The beneficiary you designated will have an irrevocable impact on both your and your beneficiary’s required distributions.
10. The passage of time is reason enough. You should review your will and estate planning documents every three to five years.
And finally, don`t forget to upload your updated version to your secure vault. If you still don`t have an account in AfterVault.com, then right now is the best time to create one. Here you can safely store your vital information and make sure your family and loved ones are taken care of.