When you first create a will, you might think you have a good idea of what you want to happen to your assets upon your passing. However, as life goes on, circumstances may change and impact your estate planning wishes. That’s why, rather than having these matters handled after your death, it’s better to update this legal document on a routine basis. To help ensure the right decisions are made for you and your loved ones, here is a brief guide to when you should make changes to your will and how often it should happen.

When to Change the Terms of Your Will

New Laws

When tax laws change, they can impact the tax-free gifts you may be able to provide to your inheritors. Estate planning laws can also vary from state to state, so it’s important to review your will whenever you move to another state.

Family Changes

Any time your family experiences a major change, it’s best to update your will as soon as possible. For example, welcoming a new child or grandchild into your life may mean that you want to bequeath assets to your loved one. If you get divorced and don’t update your documents, you may end up giving assets to an ex-spouse that you no longer want as a beneficiary. It’s also important to reconfigure bequeathals when beneficiaries die, as these assets can end up going to a party that you do not approve of.

Economic Downturns

In the event that the economy hits a rough patch, the value of your assets may decrease considerably. This new value may affect what your loved ones—such as your spouse—actually receive upon your death.

New Assets

When assets aren’t classified by a will, they are typically passed onto the next of kin, such as a spouse or a child. If this isn’t what you intend, you should update your estate planning documents whenever you obtain a new asset, including real estate or stocks.

Time Passes

Even if your wishes seem to stay the same, you should review your estate plan with a will attorney about once every three years. Periodical assessments will help you catch asset valuation or legal changes that you may not have been aware of otherwise.   

While there are many factors to consider when it comes to estate planning, it’s not a process you have to navigate all on your own. Serving the Litchfield County, CT, community as an experienced will attorney, Debra A. Brown will simplify the way you review, prepare, and change all legal matters of your estate, including trusts, wills, and health care directives. Always putting the client first, Attorney Brown will take care to address matters in-depth and develop personalized solutions that work for your specific concerns. Visit this attorney online to learn more about their services, or call (860) 496-7717 to schedule a consultation.