Update Your Will
Update Your Will
Your will is the most important document that you write. However, the problem is that many people create a will and then keep it in a safe place to not look at it again. This could be a big mistake because updating will is necessary for risk management.
As you grow, life changes, finance changes, deaths, births, name changes, etc. may happen in a family. All this may warrant revisiting the will and making appropriate changes in it.
Here are five life changes that usually prompt people in the 50s and 60s to change their will and to make significant updates in it.
- Migration: If you have migrated to a different place or state since you wrote your will, it’s time to update it. This is because your will was written in a different state that follows different rules and regulations. Now, that you have migrated to a new place/ state, you need to follow the laws of the concerned state and not the state you were earlier residing in.
- You have bought a new property and sold another: If you own a new property now and have resold the one mentioned in your will, again, it’s time to update the document. Now, you need to add the details of the new property and remove the details of the earlier property which has been sold out. This is required because most will mention that you give your home located in a particular place/ address to this person.
- You have lost some of your possessions: If your will contains items that don’t belong to you anymore, you should update your will with the required changes. The listed recipients of these things will not get it anyway. But reviewing it would bring clarity and won’t give birth to any misunderstanding or chaos later.
- You made a gift to someone: If your will says your antique dining table will go to one child, but you have already gifted it to another child, you should update your will on time. This will prevent your children from facing awkwardness later and having chaos. So, any gifts that are expensive and can affect the amounts listed in your will require you to update it.
- Your financial situation has changed: If your financial situation or value of the assets has changed, you will mention the same. You need to update how much of your money will go to each of your children. However, your assets might have grown or shrunk over some time. This can bring up challenges in the future, so better to update it regularly.
- Change in Intentions: Change in intentions is the biggest reason why you will be regularly updated. If you don’t feel like giving your property or assets to one of your children because of his/her misbehavior and negligence, you need to update your will. People face situations when a son/ daughter becomes their primary caregiver and devotes a good deal of time for that. This prompts the parent sometimes to reward him/her with extra love by reflecting more assets in the name of that particular child.
- A recipient in your will is no more: If a recipient mentioned in your will has died, he/she can’t inherit your assets anymore. In this case, it is better to update the will with the name of the person who will now be the inheritor. If the person is your spouse, this may not be required because usually, a will list alternate recipients if a person’s spouse dies first. The alternate recipient will automatically inherit the estates.