Think about the will you first created. You likely made it and then kept it in a safe place, to be dealt with when you are gone. Instead of having your will collect dust, it is important to routinely make sure that everything you want included is there. Your estate plan should evolve as your life does.
There are many reasons why people would need or want to change what is stated within their will. For example, you have a new grandchild that you would like to be named in the will, you got married or divorced or you came into new money. All of changes are things that you likely will want reflected in your estate plan.
Common reasons to review your will
There are numerous reasons why you may want to update your will, which is why it is good to think about it every so often. These are some of the most common ones:
- Birth in the family
- Death in the family
- New monetary assets
- New laws
How do you update your will?
There are two ways to update your will: make a new will or make a codicil to the first will. A new will is just that: making an entirely new will. You want to do this if you have major changes to make or do not feel like creating an add on to the existing will. A codicil is a separate document that goes along with the first will, basically a supplementary document that explains the changes that you want to make. It is up to you which option you choose.