Did you recently create a will and other estate planning documents? If so, it’s important to note that you should not simply sit on them until you reach the late stages of your life. Don’t put these documents in the safe deposit box and not look at them ever again. A will needs to be reviewed every couple of years and amended appropriately based on the milestones you’ve achieved in life.
Exchanging vows with your partner is the first reason to update your will. Your will should now reflect that you are married and that your spouse is your beneficiary. The same should be done by your spouse. You can even create a will that handles both of your wants and needs.
Once you begin having children, you should review and update your will. This should be done with your first and every subsequent child. Make sure each one is named in the will, has a guardian and there are instructions as to how they should be cared for upon your untimely death.
Did you suffer the loss of your spouse, child or other beneficiary named in your will? It’s important to review and update your will following the death of a beneficiary so that what was being left to them can be left to someone else.
Did you get divorced? A divorce should lead to the changing of your will almost immediately after it is finalized. This will ensure that your former spouse does not wind up receiving your assets upon your death.
Now that you know when you should review your will, it’s important to put reminders in your calendar so you don’t forget. Life milestones are important and should be recognized by updating your will as they occur.