Would you rather start a conga line, or......

Give a public speech in your pajamas, take a selfie with a sleeping bear, challenge a sumo wrestler to a wrestling match… and update your will. It's not about things we don’t want to do, it's about taking control of your future. Let’s discuss how often you should update your will and when it makes sense to review it, empowering you to make informed decisions.

A will is not a static document etched in stone. Instead, it is a living testament to your wishes, evolving as your life changes. Regular updates are crucial to reflect your current circumstances and desires accurately. Experts recommend reviewing your will every 3-5 years, but significant life events can necessitate more immediate changes. This reassures you that your wishes are always up to date.

Marriage or Divorce: Tying or untying the knot can dramatically alter your intentions for asset distribution. When you marry, you might want to include your spouse as a beneficiary or guardian for your children. Conversely, you likely need to remove your ex-spouse after a divorce to prevent unintended inheritance.

Birth or Adoption of Children: Welcoming a new child into your family is a joyous occasion and a critical time to update your will. Adding your child as a beneficiary and designating a guardian ensures their future is protected.

Death of a Beneficiary or Executor: The loss of a loved one named in your will, whether as a beneficiary or executor, requires an update. This change ensures that your assets are distributed as you wish and that a capable executor is in place.

Significant Changes in Assets: Acquiring or disposing of substantial assets, like purchasing a new home or selling a business, should prompt a review of your will. Ensuring these assets are accounted for prevents confusion and potential disputes.

Changes in Tax Laws: Tax laws affecting inheritance can change, impacting how your estate is taxed. Regularly consulting with a financial advisor can help you stay informed and adjust your will accordingly. This professional advice ensures you're making the best decisions for your estate.

Change of Executor: Your executor is crucial in carrying out your wishes. If your relationship with your current executor changes or they can no longer fulfill their duties, updating your will to appoint a new executor is essential.

Relocation to a New State or Country: Different states and countries have varying laws regarding wills and estates. Moving can necessitate updates to ensure your will remains valid and enforceable in your new location.

Next time you feel like avoiding updating your will, remember that keeping it up to date is vital to managing your estate. Regular reviews and timely updates ensure your wishes are honored and your loved ones are cared for according to your current circumstances and desires. We’re here to help, so anytime you need to update your records, reach out to us!