Just creating a will is a great first step. But this document should not remain stagnant, and there are many times in your life when you should review this essential document with one of our estate law attorneys. You should consult with your estate law attorney about updating your will when any of the following situations occurs:
- Changes in your family relationships happened. For instance, if you recently had your first child, got divorced, or someone named in your will passed away, you need to look over your will and make necessary changes.
- Your estate underwent significant changes in value. If, for example, you sold a major asset, started a business, or received an inheritance, make applicable changes to your will.
- You want to change your executor. The person you picked as your executor may not always be the right person. If you want to name a new executor, update your will.
- You moved to a new state. You followed certain state-specific laws when you created your will originally. You may have different estate management options when you move, so change your will accordingly.
Note that you should not wait until one of these changes occurs to look over your will. Generally, our estate law professionals recommend reviewing this important document every year or so. And when you do decide to make changes, make sure you do so with the oversight and guidance of an attorney, like those we keep on staff at our firm.