When Should You Review Your Will?

willCreating a will is one of the most important steps in planning your estate to ensure your assets are distributed according to your wishes. Anyone over the age of 18 who has belongings they want to leave to someone should take the time to create a last will and testament. Your will should reflect changes that occur throughout your lifetime, and regular reviews of your documents will help make sure your will is up to date. You should make it a point to review your will if specific life changes occur.

Changes to Your Family

The structure of your family may change in several ways over the course of your lifetime, and whenever a change occurs which affects how you want to distribute your wealth you should consider making changes to your will. For example, you should review your documents whenever your marital status changes if you plan to leave assets to a new spouse or you want to avoid leaving assets to a previous spouse after a divorce. You should also review your will if you have a child or grandchild if you would like to leave anything to those family members. Conversely, if a family member passes away it is a good idea to review your will if you had that person listed in the document as an heir.

Don’t forget your relationship with the executor of your will. If your executor passes away or your relationship changes, you will probably want to change the executor of your estate as listed in your will.

Changes to Your Assets

Another reason for reviewing your will is a change in your personal assets. Your belongings may change by either increasing or decreasing significantly, prompting a review of your will. If you inherit significant assets or otherwise have a large one-time lump sum that you receive for some reason, consider how you would like to distribute this new asset and include those wishes in your will. On the other hand, if you need to spend a large amount of money on medical bills or other expenses, you may want to revisit your will and adjust it accordingly.

Changes to the Laws

Most aspects of your last will and testament fall under the jurisdiction of the state, and it is the state that decides how your assets will be distributed in the absence of a will. The rules that govern estate distribution and taxation are frequently updated, and it can be difficult to stay on top of the current laws.

Contact Estate Planning Attorney Andrew M. Lamkin

It is a good idea to contact a lawyer to make sure you understand the current laws and to make sure your will is worded in the best possible way for your beneficiaries. The Law Office of Andrew M. Lankin is ready to help you determine how to best handle your personal assets. Please contact us through our online contact form, or call us at (516) 605-0625 to speak with an attorney today.

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