Your will should always be a work in progress. As your life changes, your will should adapt as well. Most estate planning professionals recommend evaluating and updating your will once a year. This lets you address any changes in a timely manner.
There are a few important areas to consider as you assess your will each year.
Has anything changed with your beneficiaries?
Review the beneficiaries that you named and the asset distribution each one receives. Make sure this information still reflects your wishes or revise it to properly reflect any changes. For example, if a loved one had a baby this year, you may want to include the new addition and leave something for them.
Is your guardianship information correct?
If you have minor children, the appointed guardian should be someone you are comfortable with and trust with your children. If anything has changed, consider updating the designation. Ensure that contact information is current as well.
Have your assets or debts changed?
Since your will may include details about the distribution of your assets or the settlement of your debts, review these details and make any applicable changes to reflect your current status. This reduces the risk of a loved one contesting the will due to conflicting information.
Any time you update or modify your will, you create a new version. Ensure that only the most recent version is on file and accessible so that your family does not have to decipher which one you actually intended them to enforce.
