Many people believe that creating a will is a one-time task. This is different from how estate planning tools should be used. Life can change, the law can change, circumstances can change, and so can one’s relationships and preferences. If your will was written years ago, then it may be worth taking another look to make sure that it still reflects your wishes.

Reasons To Update Your Will

• Relationship Change – Family dynamics and relationships can change drastically over the years. If you are in need of changing a beneficiary or executor, then this is definitely worth taking a look at. This should be looked at anytime some major changes happen in your family.
• Assets Change – If your estate has gone up or down in value, it is vital to take a careful look at your estate plan. This may include tax consequences associated with an existing will.  Any major assets bought or sold should also prompt one to review their will. Sentimental items should also be addressed properly in a will. These changes should be made clear about what is to happen to them in one’s will. 
• Locations Change – You should consult an attorney when moving out of the state you drafted your will in. This will ensure that it is still valid while also checking to see how the new state will handle the probate process and taxes. 
• Tax Laws Change – Both state and federal laws are constantly changing. Make sure you do your best to stay informed on current laws and policies surrounding tax and estate laws.  It’s best to consult an elder law attorney or tax specialist when doing this. 

When Should You Review Your Will? 

     You should review your will every 3-5 years. A will is also recommended for scenarios such as:

• Changes in tax law
• Following a marriage or divorce
• Heirs reaching adulthood
• Starting a business
• Moving states
• Changes in health
• Upon changes of your executor, guardian, or trustees circumstance
• Changes in the value of estate
• When someone named in your will passes away
   

Revising Your Will

     If it’s been a while since you have looked at your will, then now is a good time to review it. You won’t need a lawyer for the first part. Things to look for include:

• People missing from the document
• Someone who should no longer be listed

     If you need further help, you should reach out to your local elder law attorney, who can assist you further.