Worthwhile Updates
Your Guide to When and How to Change Your Will
Take a Look at What Has Changed
Professionals advise that you review your will every few years
and more often if situations such as the following five have
occurred since you last updated your will.
1
]
Family changes. If you've had any changes in your family
situation, you will probably need to update your will. Events
such as marriage, divorce, death, birth, adoption or a falling
out with a loved one may affect how your estate will be
distributed, who should act as guardian for your dependents
and who should be named as executor of your estate.
2
]
Relocating to a new state. The laws among the states
vary. Moving to a new state or purchasing property in
another state can affect your estate plan and how property in
that state will be taxed and distributed.
3
]
Changes in your estate's value. When you made your will,
your assets may have been relatively modest. Now the value
may be larger and your will no longer reflects how you would
like your estate divided.
4
]
Tax law changes. Federal and state tax laws are constantly
changing, so you will want to be aware of any updates that
affect you. An outdated estate plan may fail to take advantage
of strategies that will minimize taxes.
5] You want to support a favorite cause. If you have
developed a connection to a cause, you may want to benefit
a particular charity with a gift in your estate. Contact us for
sample language you can share with your attorney to include
a gift to the UUA in your will.
You have a will, so you can rest easy, right? Not necessarily. If your will is outdated, it can actually cause more
harm than good. Even though it can provide for some contingencies, an old will can't cover every change that
may have occurred since it was first drawn. Here are 17 reasons to update your will.
