After a while, people realize that the only constant in life is change. However, finding the time to keep up with that change — and all the important details that accompany it — can be quite difficult.
Updating one’s will is one of the important details that often seems to slide by. Once your will is signed and witnessed, it remains valid until you revoke it. But changing family and financial conditions may call for adjustments. Here are some signals that your will may need a review.
Disposal or acquisition of assets.
Perhaps you no longer own property that is listed in your will. Or, maybe you’ve acquired additional assets.
Increase in your net worth.
A significant increase in the size of your estate may prompt an update of your will.
Changes in the tax law.
Recent tax law changes may call for a review of your will to ensure that it meets your needs while taking full advantage of the tax law’s benefits.
Changes in your personal life.
If you’ve married or divorced, had a child or grandchild, or moved to another state, a review of your will may be in order. Also, consider the family members you’ve named in your will. Have they divorced or remarried? Are children or grandchildren financially independent now? Is your executor still available to serve?
If you have oustanding questions about creating a will or updating one, our Wealth Management Team is here. Contact us today.
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