3 Situations when You Should Review Your Will
March 18, 2021
Because estate planning can be an uncomfortable and challenging process, it is often tempting to put off writing a will. In fact, according to a recent survey, almost 70% of Americans have not yet drafted even a simple one. Still, if you die without a will, your possessions may not end up where you would like them to be.
While writing a will is a major step, certain events may make the document no longer reflect your true wishes. In three situations, it is advisable to review your will for completeness and accuracy.
1. Your Family Has Changed
Pennsylvanians marry, divorce and remarry all the time. They also welcome biological or adopted children into their families. If your family has grown, you should be certain your will provides for everyone who is important to you. Likewise, if someone has left your family, you may want to remove him or her from your will.
2. Your Finances Have Changed
When you initially wrote your will, you likely accounted for all your assets. If you now have additional ones, your will may require some updating. On the other hand, if you no longer have the assets you included in your will, you may need to rework the entire document.
3. Your Thinking Has Changed
For a variety of reasons, you may have different opinions now than you did when you wrote the last draft of your will. Until you update the document, the terms of your outdated will probably remain legally binding.
Ultimately, you want your will to be as accurate as possible when you die. Even if you have no identifiable reason to review your will, you should do so every few years to be certain you remember what it says.