Updating Your Will and Why It’s Important

Creating a will is a significant step in securing your family’s future, but the journey doesn’t end there. Life is constantly changing, and so are the circumstances that can affect your estate planning. At Grand Strand Law Group, we emphasize the importance of updating your will constantly to reflect your wishes and life situation. There are dozens of reasons to update your will: from a new marriage to a death in the family. Here are a few life events that may require a will update.

Life Changes That Trigger Updating Your Will

Marriage or Divorce

When you get married, you are agreeing to an equal partnership. It’s essential to update your will to include your spouse if you want to ensure they are taken care of according to your wishes. Similarly, in the event of a divorce, you’ll want to remove your ex-spouse from your will to prevent them from inheriting any part of your estate if you wish.

 Birth or Adoption of a Child

Welcoming a new child into your family is a joyous occasion, and it also brings new responsibilities. Between changing diapers, updating bedrooms, and sleepless nights, you’ll want to make time to add them to your will. If your child is you, you will also want to include provisions for the care and financial support of your new child. This includes appointing a guardian and setting up a trust to manage their inheritance until they come of age.

Significant Changes in Financial Status

Whether you’ve come into a significant inheritance, won the lottery, or faced a financial setback, changes in your financial status should prompt a review of your will. If there are assets to add, you want to make sure they are accounted for and included in your list. This ensures that your assets are distributed according to your current financial reality and future goals.

Death of a Beneficiary or Executor

If your beneficiary passes before you, that information will have to be updated in your will. Obviously, that person can no longer execute the responsibilities of that role. The passing of someone named in your will, whether a beneficiary or an executor, necessitates an update. You will need to reallocate their share of your estate and appoint a new executor if necessary.

Relocation

Moving to a different state or country can have legal implications for your will. Different jurisdictions have varying laws regarding estate planning, and it’s important to ensure your will complies with local regulations to avoid potential complications. After moving to a different state or country, be sure to check in on the local laws of the area to ensure you do not need to make any major changes to your will.

How Often Should You Update Your Will?

While there’s no one-size-fits-all answer, a good rule of thumb is to review your will every three to five years or after any major life event. Regular reviews with your estate planning attorney ensure that your will remains aligned with your current wishes and circumstances.

Annual Check-ins

Even if no major changes have occurred, annual check-ins with your attorney can help you stay informed about any changes in estate laws that might affect your will. Laws change constantly, and staying up to date on your assets is never a bad idea.

Steps to Update Your Will

1. Review Your Current Will: Start by reviewing your current will to understand what changes need to be made. Take note of any outdated information or provisions that no longer align with your wishes.
2. Consult with an Estate Planning Attorney: Schedule a meeting with an estate planning attorney at Grand Strand Law Group who can provide expert advice on how to update your will. We can help ensure that your will complies with current laws and effectively reflects your intentions.
3. Draft the Changes: Work with your attorney to draft the necessary changes. This might include adding or removing beneficiaries, updating asset distributions, or changing executors and guardians.
4. Execute the Updated Will: Once the changes are drafted, your updated will needs to be properly executed. This typically involves signing the document in the presence of witnesses, as required by state law.
5. Communicate with Your Loved Ones: Inform your family members and any other relevant parties about the updates to your will. This helps avoid surprises and ensures that everyone understands your current wishes.

The Role of Grand Strand Law Group

At Grand Strand Law Group, we understand that estate planning is a continuous process. Our experienced attorneys are here to guide you through every step of updating your will. We offer personalized advice to ensure that your estate plan evolves with your life changes, providing peace of mind for you and your loved ones.

For personalized legal guidance for your estate plan, contact Grand Strand Law Group today. We are here to make sure you understand the importance of updating your will and make the process as smooth as possible. Give us a call at 843.492.5422. Learn about how we can help with your estate planning now or in the future.