Your will is a foundational part of your estate plan. This document lets you determine how you want to distribute your property upon your death.
According to the American Bar Association, your will can range in complexity and encompass a variety of tax and family objectives to support your overall estate plan. If it has been a while since you reviewed your will, you may want to update it if you have experienced certain life changes recently.
Your marital status changes
When you get married or divorced, look over your estate plan and update your will as needed. At this time, you may also want to make any needed changes to your medical power attorney or financial power of attorney.
A new child joins your family
Whether by adoption or birth, look over and update your will when a new child joins your family. This will give you the opportunity to make sure you have a legal guardian named for this child in your will.
Your finances change
A sudden change in your wealth due to an inheritance or the profitability of a business can change how you want to manage the gifts you make and the wealth you leave to your beneficiaries in your will. If your finances have changed, review your will and determine if you need any other estate planning vehicles to protect your wishes.
Although major life changes should inspire the review of your will, you should also plan on looking over this essential document regularly. Generally speaking, it is a good idea to review your will on an annual basis.