When it comes to wills, there are two important issues that every person must confront. The first is whether or not you even have a will. That may sound silly, but many people put off drafting and completing their will, and that failure to complete a will could cost them dearly in their later years. If you don’t have a will, then you should do everything in your power, right now, to complete one.
Once you have a will, you will have to confront the second issue: keeping the document updated. This will be even more difficult than putting the document together in the first place because there will be many life moments that require you to review and update your will.
There are many examples of these life moments. Consider the day you get married or the moment that you decide to file for divorce. This should make you think “oh, I should put my wife or husband in my will” or “it’s time to remove my wife or husband from my will.” Additionally, you could have kids, or kids that turn 18, or gain a new asset that has tremendous wealth, or the laws in your state could change. All of these moments, too, should make you review your will and update the necessary provisions and language.
There’s never a bad time to start planning your estate, and it all begins with a will. Once that’s done, keeping it up to date is very important.
Source: FindLaw, “Checklist: Reasons to Update Your Will & Estate Planning Documents,” Accessed March 23, 2018