Why Should I Update My Will?

September 2, 2013  |  William F. Huefner

A will is not a set it and forget it document. You should revisit your will periodically.
Why? Because things change.
Your designated executor might die before you do. You might divorce your spouse. Or you might remarry. You could adopt children or have new children. You could have a severe falling out with an adult child.
Each of these situations creates scenarios which would cause you to either need or want to make a change in your will.
However, you won’t necessarily think of your will while you’re in the middle of a change or an upheaval. That’s why it’s a good idea to make a habit out of periodically reviewing your will.
Most of the time, there will probably be little or nothing to change. That’s okay. The practice itself is what is important. Someday, something will change, and you’ll feel better knowing that you are on top of things.
If you have a revocable living trust his periodic review also gives you a chance to add or remove assets from the trust if you wish.
Of course, all of this depends on you having a reasonable estate plan in place to begin with. Some estates can be quite complex, and you will need the guidance of an experienced estate attorney to ensure that your last wishes are honored.
If you are in the Minneapolis metro area, why not contact BGS? We’ve been serving our community with legal advice for over 75 years, and we can become the estate planning partners who will guide you through all of your life changes.