When Should You Update Your Will?

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Life changes and your Will should change with it. If you’re like many people, you may have created a Will when your children were young. Fifteen years later, they’re off to college and your Will is still back in kindergarten.

Think of your Will like a house. If you bought a home twenty years ago and haven’t remodeled anything during that time, you may have a few projects you want to get going (like a new kitchen or master bathroom).

The people you designated to care for your children in your Will when you first made it may no longer be in a position to be legal guardians. Or your children may now be adults. You may have new assets or family heirlooms and want to designate who should receive them. All of these are important reasons to consider updating your Will.

When Should I Update My Will?

What a great question to ask! The fact that you are asking shows you already understand why you need a Will! However, simply having a Will isn’t enough. Only a current Will can continue to ensure your wishes regarding the legal care of your minor children and the distribution of your property and assets are kept.

Now, if you need a new Will or making one for the first time ever, we can help! Through our partnership with GiftWise, you have access to a free online Will.

How Often Should I Update My Will?

Any time you experience a major life event, you should update your Will to reflect that change. Common reasons to update a Will include:

• When a child is born
• Getting married
• Moving to a new state
• Finding a new charity you want to leave a gift to in your Will
• People reach designated ages within your plan
• Getting divorced
• Changing jobs
• Your wishes change

You don’t have to update your Will each year, however, you should ask yourself if any of the above changes have happened to you. If the answer is yes, then it’s time to pull out your Will and see if there is anything you need to update.

Is it Expensive to Update a Will?

Many people think changing a Will requires visiting a lawyer. Because lawyer fees can be expensive, people delay updating their Will. Thankfully, you don’t have to go to a lawyer to update your Will. You can freely and easily use GiftWise!

In the past, life changes used to require an expensive estate plan. With GiftWise, you can update your Will for free and if you choose, even include estate gifts to your favorite organizations and causes.

Need to create a Will?
Check out this great offer from our partners at GiftWise below!