A will is one of the most important estate-planning documents you can have. It will allow you to remain in control of how your assets are distributed upon your death, as well as give you the opportunity to name a guardian for any minor children. However, the only way to be sure your final wishes are carried out is to update your will regularly. Here’s a guide for when that should be done. 

When Is It Time To Review & Update Your Will? 

After a Major Life Event 

Any time you experience a significant life change, including marriage, divorce, the birth of a child or grandchild, or death of a beneficiary, your will should be amended accordingly. This helps ensure everyone you care about is provided for as intended and your assets don’t end up in the hands of those who no longer have a role in your life. If portions of your will are invalid at the time of your death, your assets will be distributed in compliance with state law. 

When There’s a Change in Assets 

The acquisition and liquidation of assets is another reason to update your will. Whenever you accumulate new assets, such as real estate, vehicles, high-value artwork or jewelry, stocks, bonds, or business interests, it’s essential your will explains how these should be distributed once you pass. Alternatively, if items you planned to leave for others are no longer a part of your estate, you should consider how this might affect the beneficiaries who were supposed to receive them.

Preparing for the future can be challenging without the assistance of an estate planning attorney, which is why many Roswell, NM residents turn to Bristol Law Office. Having served in this area of practice for over 30 years, Attorney R. Matthew Bristol possesses the knowledge and experience to smoothly guide you through the process of creating an estate plan that makes the most sense for your situation. If you’ve already drafted a will, he can help you go over it carefully and revise it to meet your present needs. Call (800) 300-1111 to set up a consultation, or visit his website for more information on the legal services he provides.