Your will is an important legal document that outlines your wishes and how your estate will be distributed after you die. Importantly, your will should not be viewed as a one-time document that you put in a filing cabinet.
A will should definitively be reviewed and updated periodically to make sure that it still reflects your wishes and takes into account any changes in your life, such as changes in your personal situation or changes in the law. We suggest that this occur at least 1x a year.
Some common changes for updating a will include:
- Adding or removing beneficiaries – as your family dynamics or situation changes, you may to add or remove people from your will. For example, your son or daughter may be going through an unsettled divorce, and you may want to change the distribution to a trust to prevent an ex-spouse from getting assets if you die before the divorce is settled.
- Changing your executor or trustee – an executor or trustee is the person who is responsible for carrying out the instructions in your will. if your executor or trustee has passed, is sick or can no longer be trusted, you may want to make a change.
- Changing your guardianship instructions -if you have minor children, you should have a guardian. As children grow older their relationships with the guardian may have changed too. You should make sure that you have the guardian you and your child can most trust.
- Modifying the distribution of your assets – you may have initially elected to give assets equally to your children. However, if one of your children has a different financial need than the other, you may want to consider making a change. We are advocates for discussing changes with children in advance so that there are no fights after the fact.
- Updating your will to take into account new laws – new state and federal regulations are always being passed. These changes can impact your will. It is important to consider those changes.
- Reviewing new loopholes – because of changes in tax laws and regulations, there are always creative ways that can be beneficial to reducing estate taxes and maximizing the benefit you leave to your beneficiaries.
Consulting with a FEE-ONLY financial advisor, CPA, or attorney is an important step in reviewing your will. A FEE-ONLY professional can help you understand any changes in the law and advise you on how to update your will.
Our network of FEE-ONLY financial advisers, CPAs and attorneys can help you review your will to protect your legacy and achieve your wishes. Simply Click Here to connect with a FEE-ONLY professional. Alternatively, visit 1800ADVISER.COM to browse biographies of individual advisers and choose one or more to connect with.
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