Many people assume that once they have a will drafted, they no longer have to think about estate planning. However, your assets and relationships change over time; so should this document. Specifically, there are a few major life events that require immediate adjustment of any arrangements you’ve made.

When Should You Revise a Will?

1. After Marriage or Divorce

While many states will automatically award your estate to your spouse if you pass without a will, it’s better to specify what property, in particular, you want to leave them and what is meant for any children or grandchildren. There’s also a risk that you may become incapacitated in the future—due to an accident or the development of a condition like Alzheimer’s. This is why many people name their significant other their power of attorney in their estate planning documents, authorizing them to make financial or health care decisions in their stead. You should then update these plans if you become separated or divorced.

2. After Becoming a Parent

A will allows parents to specify who they would like to take guardianship of their children in the unfortunate event of their passing. Therefore, not only should you and your partner spend time considering who would be most suitable for the job, but you should review your selection every few years based on location, financial status, and emotional closeness.

3. You Gain or Lose Assets

Wills should be updated anytime you buy new real estate or another significant asset in order to name a new beneficiary. If you start a business, consider making arrangements to leave your share to a partner. Changes also need to be made if you sell or lose any previously declared property.

In addition to the scenarios above, individuals should look over their will every 12 to 24 months to ensure it still complies with their wishes. The Law Offices of Bromm, Lindahl, Freeman-Caddy & Lausterer has offered estate planning services in Wahoo, NE, since their founding over a century ago. This longevity is, in large part, due to the reputation for excellence they’ve fostered in the community, earning them an AV® Preeminent™ rating from Martindale-Hubbell. To learn more about the firm’s legal team, visit their website. Call (402) 443-3225 to schedule an appointment for an initial estate planning consultation.