Many people do not have a will. Therefore, you experienced a well-justified sense of accomplishment when you sat down with your attorney to create yours.
However, that meeting may have taken place a couple of decades ago. Chances are, a lot has happened in your life since then. Here are some good reasons to give your will an update.
Since you made your will, major changes have likely occurred in your life. You may have grandchildren now, or you may have divorced and remarried. The executor you named may have passed away. These are all reasons for revisiting your will. Here are a few others:
- Certain beneficiaries named in your will have died.
- You want to add new people as beneficiaries.
- Your child is now 18 or older.
- Your estate has increased or decreased in value.
- You have become a resident of the state of New York.
A look at the current laws
Each state has its own unique requirements for creating a will. Check with your attorney to find out if any New York laws affect the updates you want to make. Since you created your will, there have also been many changes to tax laws, which may effect the assets you leave to your heirs. Your attorney can help you understand the various methods available to minimize the tax impact on your estate.
The next step
Experts recommend that you review your will every three to five years with an eye toward any revisions required. Sometimes, people delay updating a will because changes may require making some difficult decisions. However, giving prompt attention to the matter is the best course of action. Depend on legal guidance to help you revise your will in a way that benefits the people you love.