Creating a simple will is a way to make sure your loved ones are cared for, and your belongings are distributed according to your wishes after you’re gone. However, life is constantly changing, and as situations change, it’s important to review and update your simple will to make sure your decisions are executed the way you prefer.
Why Should You Review Your Simple Will?
- Life Changes. Over time, various life events can significantly impact your financial situation, family structure, and overall goals. Events such as marriage, divorce, birth, adoption, or the passing of a loved one can necessitate changes in your will to reflect your current relationships and responsibilities.
- Owning More Things.. As you accumulate assets, their distribution might require additional considerations. This is particularly relevant if you acquire valuable properties, investments, or other significant possessions that aren’t addressed in your initial will.
- Changing Who Gets What. Beneficiary designations on retirement accounts, life insurance policies, and other financial instruments can have a significant impact on your estate plan. If you’ve made changes to these designations, it’s crucial to update your will accordingly.
- Relocation. If you move to a different state or country, your estate planning needs might be affected by different laws and regulations. Reviewing your will ensures it remains valid and effective in your new jurisdiction.
- Changing Tax Laws. Tax laws and regulations are subject to change. Regularly reviewing your estate plan helps you take advantage of tax-saving opportunities and minimizes potential tax liabilities for your beneficiaries.
- A Change of Mind. Your initial simple will decisions might change as your personal values and intentions evolve. Updating your will allows you to ensure your estate plan truly reflects your current wishes.
- Guardian Designations. If you have minor children, your will likely includes provisions for naming guardians. Revisiting these designations is essential as your children grow and your chosen guardians’ circumstances change.
When Should You Review Your Simple Will?
- Every Few Years. It’s a good practice to review your estate plan every few years, even if there haven’t been significant changes in your life. This helps you identify any minor adjustments that may be necessary to keep your plan up to date.
- After Major Life Events. Life events such as marriage, divorce, the birth of a child, or the death of a loved one should trigger a review of your estate plan to ensure it reflects your new circumstances.
- Asset Acquisitions. If you acquire new assets, properties, or investments, consider how these acquisitions impact your existing will and whether adjustments are needed.
- Change in Financial Situation. Significant changes in your financial situation, whether positive or negative, might require adjustments to your estate plan to ensure your assets are distributed as you intend.
- Retirement. When you retire, your financial goals and priorities may shift. Reviewing your estate plan can help ensure your retirement plans are supported by your will.
- Tax Law Changes. Keep an eye on changes in tax laws and regulations that might affect your estate plan. Consult with an estate planning professional to determine if any updates are necessary.
- Health Changes. If your health deteriorates or you’re diagnosed with a serious illness, revisiting your estate plan becomes crucial to ensure your medical and financial wishes are addressed.
- When Relationships Change. Changes in relationships, such as estrangement or reconciliation with family members, can prompt a reevaluation of your beneficiary designations and other estate planning decisions.
Work With a Lawyer to Prepare Your Will
IDG Legal provides drivers with access to a trusted lawyer for support creating and updating your Simple Will – with as many updates as you need.
Tap below and fill out a form for immediate support.
