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How often should you update your will?

On Behalf of | Dec 8, 2021 | Wills |

Have you written a will but are unsure when to update it? In general, you should go over your will every five years with an estate attorney.

Besides regular checkups, you should also keep track of significant life events and incorporate them into your updated will. If you have a will and want to know what can affect its terms, continue reading this article to find out more.

Marital status

You should revise your will after you change your marital status, whether through a divorce, marriage, or a spouse’s death. For instance, if you marry someone with stepchildren, Virginia law does not dictate that they must receive any inheritance. If you want them to receive some of your wealth, you need to provide for that in your will.

Financial windfall

When your wealth increases, you might enter a higher tax bracket. This affects the estate tax applied to your inheritance after you die. Significant increases in wealth are an excellent time to revisit your will because you can add beneficiaries and charity donations that were not possible before.

Migration

When you move to another state, the laws might be different when applied to your will. Make sure you consult with an estate attorney before and after moving to make sure your will is still valid.

New family members

If your family grows, or you become a grandparent, you should update your will. Do not assume that your wealth will reach your grandchildren.

Your legacy is important. Ensure you provide for your family and send your wealth to the right foundations by regularly updating your will.