Here are seven reasons to consider updating your will:
- You have had children since preparing your previous will; you will want to name a guardian and trustee in addition to providing for a new child.
- You have been married or divorced (here you will want to consider naming or deleting your spouse or former spouse, respectively.)
- Your executor or trustee has relocated, died or is otherwise unavailable; you will want to name a replacement.
- You may wish to make specific bequests of property or charitable gifts.
- You have relocated from another state or jurisdiction.
- The value of your assets now exceeds the exempt amount for federal estate tax purposes (currently $2 million.) Here you should consider additional estate planning which may help avoid or minimize the federal estate tax.
- Other changes have occurred in your life, such as having a child or other beneficiary needing special care (trust or guardianship) or you have experienced changes in your assets such as buying or selling real estate which your prior will does not properly cover.
– Kevin Palmer