5 Reasons You May Need To Update Your Will

Creating a will is a crucial step in organizing your finances and ensuring that your loved ones have what they need after you pass away. However, simply creating a will and forgetting about it isn't enough. Circumstances in your life can change, and those changes may require updates to your will. We'll explore some of the key reasons you may need to update your will and why you should make these adjustments as quickly as possible.

Changes in Family Dynamics

One of the most significant causes of a will update is changes in your family dynamics. For example, if you've gotten married, divorced, or had children, you'll likely need to adjust your will accordingly. Additionally, if one of your beneficiaries or executors passes away, you'll need to update your will to reflect that change.

Finance Fluctuations

Another reason to update your will is due to changes in your financial situation. If you've recently acquired new assets, such as a new home or investments, you'll want to update your will to ensure those assets are properly protected and distributed. On the other hand, if you've recently experienced financial hardship, you may need to adjust your will to reflect your current financial status.

Family Relocations

If you've recently moved to a new state or country, you must update your will to comply with the laws in your new location. Regulations regarding wills can vary significantly depending on your region, so it's essential to ensure that your will meets the legal requirements of your new location. Otherwise, it might not hold up in local court once your executors go to enact your wishes.

Downturns in Health

Health changes can also warrant an update to your will. If you've recently gotten diagnosed with a significant illness or disability, you may need to adjust your will to reflect your current health and potential future needs. Additionally, if you've recently undergone a major medical procedure, such as surgery, you may want to update your will to reflect your updated health status.

Adjustments in Estate Planning Laws

Lastly, changes in estate planning laws may affect your will and require an update. For example, if there have been changes to federal or state tax laws, you'll want to update your will to ensure that your beneficiaries receive the maximum benefits possible. This way, you can better prepare for their future and protect them from anything that could keep your assets away from them.

Creating a will is crucial, but regularly updating it is equally important. At Vancouver Wills and Trusts, we're committed to ensuring that you have a proper and updated will and, therefore, protecting your family in the future. Our flat fee attorney will work with you directly to assess your needs for your new will and make the necessary adjustments quickly. Contact us today to schedule your consultation.