Having an updated Will is crucial!
Keeping an updated Will is highly important. Any time you or any of your family members experience a major life change, it is crucial that you review your Will.
Such changes can include:
- Significant increase or decrease of assets or liabilities
- Incapacity or death of a family member or beneficiary
- Birth of a new child or adoption
- Long-term change to a relationship
You should also consider updating your Will if:
- A Guardian, Executor, or Trustee moves away, dies, or is no longer willing or able to serve
- Your children are no longer minors, or are old enough to handle financial matters on their own
- You move to another state
- You wish to eliminate gifts to certain beneficiaries
If you experience any of these changes and do not update your Will before you pass away, your legacy may not be carried out in the way you would have wanted it to be.
How do I update my Will? It is simple.
There are two options when it comes to updating your Will:
1. You can sign a new Will that revokes the earlier one; or
2. You can sign a codicil to the existing Will.