How Often Should You Update Your Will?

by | Apr 1, 2025 | Legacy

Estate planning discussion

Creating a will is one of the most important steps in securing your family’s future and ensuring your wishes are honored. However, a will is not a set-it-and-forget-it document. Life is full of changes, and your estate plan should evolve to reflect them. Here’s how often you should update your will and what circumstances might prompt a review.

Key Life Events That Necessitate Updates

While there is no one-size-fits-all timeline for revisiting your will, certain life events should always trigger a review:

1. Marriage or Divorce: These major life changes often have significant legal and financial implications. Updating your will ensures your spouse or former spouse is provided for—or excluded—based on your wishes.

2. Birth or Adoption of a Child: Adding a child to your family brings new responsibilities. You’ll want to designate guardians and make provisions for their care and inheritance.

3. Significant Changes in Assets: Whether you’ve acquired new property, started a business, or experienced a financial windfall, updating your will ensures these assets are distributed as you intend.

4. Relocation to a New State: Laws governing wills and estate planning vary by state. Moving may necessitate revisions to your existing will and estate plan to comply with the laws of your new state.

5. Death of a Beneficiary or Executor: If someone named in your will has passed away or is no longer able to serve, you’ll need to update those designations.

6. Major Tax Law Changes: Changes in federal or state tax laws might require adjustments to your estate plan to minimize tax burdens for your heirs.

Regular Check-Ins

Even without major life events, it’s wise to review your will every three to five years. This allows you to:

  • Ensure all assets are accurately accounted for.
  • Confirm your beneficiaries are up to date.
  • Verify that your executor and guardians are still the right choices for their roles.

Updating your will is an essential part of maintaining a comprehensive and effective estate plan. By revisiting your will and estate plan on a regular basis and after any major life changes, you can ensure your wishes are honored and your loved ones are protected.

Consult an experienced estate planning attorney to make the process seamless and ensure your documents are legally sound. Protect your future by keeping your estate plan current and relevant.