Friday, July 31, 2020
While some people know they need to update their will but never get around to updating their wills before they pass on, many others believe that their documents are all squared away and do not need to be altered or updated. The latter group's families usually have to deal with the mess that is left behind due to omissions and other mistakes.
If you are in either one of these groups, here are a list of 12 different times when you should update your will:
- You are having your first child
- You are thinking about divorce
- You have gotten divorced
- Your child gets married
- Your beneficiary develops creditor or substance abuse problems
- Your named executors or beneficiaries die
- Your young family member becomes a responsible adult
- New legislation is passed
- You come into a windfall of money
- You can't find your original will
- You buy property in another country or move to another country
- Your family and friends become enemies
If anything on this list applies to you, it is likely that your will ought to be looked at or changed. Failure to do so will likely leave behind a disaster for your loved ones to clean up after you pass on.
See Daniel A. Timins, 12 Different Times When You Should Update Your Will, Timins Law (Kiplinger), May 26, 2020.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.