A will is an important document in which you are able to specify what you want to be done with your estate upon your passing. From time to time, it’s a good idea to review it and make changes to reflect the current circumstances of your life.
Anytime you experience a big life change, you should also revise your will. However, knowing where to start can be a challenge.
When to revise your will
Consider revising your will after experiencing one or more of these life changes:
- You have a baby. This is a good time to revise your will. You want to make sure that your child is provided for and cared for in the event of your passing. You can appoint a guardian for them, and designate your child (or children) as your beneficiary.
- You get divorced. When you and your spouse divorce, you will want to change your will by removing your former spouse from being a beneficiary.
- You get remarried. This is an important time to revise your will. You want it to reflect your current marital status. Your new spouse (and any stepchildren) can be named as beneficiaries in your will.
- You inherit some money or part of an estate. You may want to designate who will benefit from your inheritance in the future.
- You become a grandparent. You may want to include your new grandchild as a beneficiary in your will.
Life is constantly changing and so are our circumstances. As these changes occur, it is a good idea to revisit your estate plan and make any revisions as you see fit. Contacting an experienced legal advisor to assist you with the process of revising your will is a step in the right direction.