Many testators create a will to give money to heirs, appoint a guardian for any minor children or make sure other wishes are carried out. If you have already established a will, it’s crucial to ensure that it’s up to date.
Not having an updated will can cause a host of problems. To prevent issues that may stem from an outdated will, here are four reasons why you should update it.
You have a child
Should you decide to have a baby, updating your will ensures they receive the inheritance they’re entitled to when they reach adulthood. It’s also important to update your will if you have more than one child to prevent sibling disputes like accusations of favoritism.
You create multiple wills
You may have established multiple wills because you went through various marriages or lived in different countries. Regardless, you should stick with the most recent will and get rid of the others. Not only does destroying previous wills avoid confusion among your heirs, but it also prevents will contests and shortens the probate process.
You’ve changed your charity relationships
Did you once volunteer for one non-profit organization but switched to another since then? If you’re planning to leave money to a different charity once you pass on, update your will as soon as possible.
A listed heir passed away
Unfortunately, some testators aren’t able to give an estate or a large sum to a listed heir because they died. This is why it’s good to have a backup plan — like a secondary heir — should your primary heir pass away.
By keeping your will current, you can avoid many common issues. If you have questions concerning wills or estate planning in general, please consider reaching out for legal guidance.