Your will is an important document that gives you an opportunity to specify what you want to be done with your estate upon your passing. People tend to write them and then forget about them. After all, no one wants to think about a time when they won’t be here to make their wishes known.
However, it’s a good idea to review your will from time to time and adjust it to reflect the current circumstances of your life. Anytime you experience a big life change, you should also revise your will. The difficulty lies in knowing where to start.
When to revise your will
Whenever one or more of these major life changes occur, it’s time to revise your will:
- You have a baby. Revising your will when your child is born allows you to make sure that they are provided for in the event of your passing. You should name a guardian who will care for your child in the event of your passing. This is also a good time to designate your child as a beneficiary.
- You get divorced. You should change your will by removing your former spouse as a beneficiary.
- You inherit some money. This is a good time to designate who will benefit from your inheritance in the future.
- You get remarried. You’ll need to revise your will so that it reflects your new marital status. You can also name your new spouse as one of your beneficiaries in your will if you wish.
- You become a grandparent. You may want to leave some money or part of your estate to your new grandchild.
Life is constantly changing and so are our circumstances. When you create your will it doesn’t mean that you are locked into these decisions forever. As life changes occur, you can update your plan to reflect them.