After creating your will, you should review it periodically to make sure it still aligns with your wishes. You can update your will as needed to match changing family and personal circumstances.
In general, consider reviewing or updating your will after these common life events.
Loss of a beneficiary
If you survive a person named in your will, you must update the document to remove him or her as a beneficiary. You should also change your will if your marriage ends and you no longer wish for your spouse to inherit your estate, or if you want to disinherit a child’s spouse after their marriage ends.
New family members
When you or someone in your family welcomes a child by birth or adoption, you may want to name your new child or grandchild in your will. If you marry or remarry, consider updating your will to add your new spouse as a beneficiary.
Change in financial status
If you write your will early in your career, you may enter a new tax bracket or two as you continue your professional life. You may also experience an inheritance or otherwise increase your wealth.
If this occurs, you may want to change your will accordingly to account for newly acquired assets and investments. On the other hand, an economic downturn could negatively impact your financial situation, which may also warrant changes.
Updating your will as needed can reduce the risk of confusion about and challenges to your estate. Even if none of these changes occurs, you may want to review your estate plan every three to five years.
