A will provides specific instructions on what happens to your assets—from property to savings—when you pass on. With this estate planning document, you gain peace of mind knowing that your loved one will be taken care of financially. A will needs to be revisited annually to ensure it still reflects your wishes. You should also revisit your will when any of the below scenarios occur. 

When Should You Update Your Will?

1. You Move

Estate planning laws vary between states. Therefore, if you move cross-country, make sure your will is still valid under the laws of your new residence and that your estate will be administered in accordance with your wishes.

2. Updated Assets

Perhaps you've bought a new house—or sold an old one. If your assets—including cars, retirement accounts, investments, or properties—change, your will needs to be updated to reflect this.

3. A Change in Familial Status

If you get a divorce, you likely want to remove your ex from your will. If you get married, on the other hand, you’ll want to incorporate your new spouse into your estate planning.

Furthermore, if you become a parent, a will is the place to name who you would like to serve as a guardian for your children.

4. Evolving Beneficiary Relationships

Aside from spouses, your relationships with other beneficiaries may change. If you have a falling out with someone, for example, you may want to remove them from your will. Beneficiaries may also need to be removed for other reasons—for example, if they pass on before you.

5. Tax Law Changes

State and federal legislation regarding estate planning changes frequently. Check-in with the attorney handling your will annually to make sure you aren’t impacted. For example, estate taxes might have increased.

David R. Webb, Attorney at Law provides comprehensive estate planning services in Lincoln, NE. This lawyer takes the time to sit down with each client personally, discussing their wishes in detail to ensure an estate planning solution that suits their needs. He has more than 30 years of experience in wills and probate law. Visit his website to review his full list of practice areas. For an appointment, call (402) 477-7577.