A common misconception about estate planning is that it’s a one-step process. Since circumstances change over time, you must update your will regularly to reflect milestones and life changes. Below are some of the most common situations that might warrant an update of your estate plan.

When to Consider Changing Your Will

1. Marriage or Divorce

A change in marital status is one of the most common reasons for making estate planning adjustments. If you’ve recently tied the knot, you’ll probably want to designate your spouse as the executor of your will or leave assets to them and possibly new stepchildren. On the other hand, when a marriage dissolves, you likely won’t want anything left to your ex. Unless you update your will to reflect your divorce, they could inherit your assets.

2. Relationship Changes

Over time, you’ll probably need to change the beneficiaries you initially named in your will. This could be due to several circumstances, including death, a falling out with a family member, or the birth of children, grandchildren, or godchildren. To ensure your will provides for the most important people in your life, update your estate planning documents regularly.

3. Significant Increases in Assets

A boost in net worth is another common reason for adjusting estate planning documents. Whether you bought a new house, received a substantial pay increase, or benefitted from a stock investment, you’ll want to make sure your will provides instructions for how these assets should be handled.

4. Out-of-State Move

Estate planning laws vary from state to state, so if you're planning a move, contact an attorney local to the area you're relocating to. They'll make sure your documents will still be considered valid, and they'll advise you on any adjustments you may want to make to minimize tax penalties.

If it’s been a while since you’ve updated your will, contact the attorneys at Cecil & Cecil, PA. Based in High Point, NC, this seasoned legal team has more than 35 years of combined experience in estate planning, so they have the knowledge needed to ensure your assets will be handled correctly. Visit their website to learn more about their practice areas, and call (336) 883-8383 to set up a consultation today.