Wills are an essential part of any estate plan. The will is a document that allows the grantor to pass on his or her earnings and assets over his or her lifetime to family members, loved ones and other beneficiaries. Without one, a person’s estate goes through the traditional probate process as set by default rules and laws. This can lead to their last wishes not being fulfilled, or tax problems that could have been addressed otherwise.
But what any grantor will find over the course of their life is that their will needs to adapt and change with the times. You won’t write a will and then have that exact will remain the same, word for word, for the remainder of your life. There will be events that happen over the course of your life and the lives of your family members that drastically alter the way you see your estate plan being executed — and that will lead you to change your will.
Maybe you get married or divorced; maybe you have a child, or your child has a child; maybe you acquire a significant asset that has tremendous value; or maybe new laws take effect in your state that target estate plans or assets contained in your estate. All of these are reason to update your will.
Updating your will is critical to ensuring that your estate plan is in order and can adequately address your wishes and the needs of your beneficiaries, family members and loved ones.