Taking a proactive approach to estate planning will ensure your family is prepared for all eventualities. However, creating a will while still relatively young and healthy is not a passive process. For it to protect those whom you care about most, you must review and update this document periodically. After all, since your situation is likely to change over time, your estate plan should, too. Here are just a few scenarios in which attorneys encourage clients to update their plans. 

When You Should Update Your Will 

1. Marital Status

Getting married or divorced warrants a review of your will because you will undoubtedly want to change one or more beneficiaries. It’s important to remember that your will is not the only critical document to update following a change in marital status, however. Accounts with named beneficiaries, like life insurance polices and pension plans, will also require modification.  

2. Net Worth 

Receiving an inheritance, buying a home, and starting a company are all scenarios that call for an updated estate plan. In other words, any time your net worth changes, your will should, too. If you start a business, it’s important to devise a succession plan, as well. This will help protect your life’s work and your family’s financial security should anything happen.  

3. Family Dynamic

One of the main purposes of a will is to bequeath assets to loved ones. That means every time someone new enters the family—whether it’s a child, grandchild, niece, or nephew—you may want to update this document. It is also important to modify your estate plan if a beneficiary passes before you do. This will mitigate disputes during probate. 

If you need to update your will, turn to Luke A. Weiland, Attorney at Law. Located in Wisconsin Rapids, WI, this attorney has been helping clients throughout Wood County for more than a decade. You can count on his strategic expertise when it comes to protecting both your personal and financial interests. To explore all of the legal services he provides, visit his website. Call (715) 422-6808 to schedule a consultation with an estate planning attorney today.