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Estate planning basics: Is your will up-to-date?

On Behalf of | Mar 21, 2022 | Estate Planning |

Have you written your will yet? Congratulations if you have, you are definitely ahead of the game. Because this is one of the most important tools you can create for your assets and loved ones.

A properly written and up-to-date will gives you peace of mind knowing that your assets will end up in the right hands when you pass on. On the other hand, if you do not have one in place, the government will make this important decision on your behalf, and you may not like this. So, is your will up-to-date?

Here are questions that can help you determine if you need to update your will document.

Are there changes in your beneficiaries?

It is important that you update your will document each time there is a change in your beneficiaries. For instance, if you get married, you might want to apportion some of your assets to your spouse grant your healthcare power of attorney. Likewise, if you divorce, and you no longer wish to have your ex inherit your assets, it is important that you update your will to completely disinherit them.

The birth of a child should also prompt an update to your will. Besides adding your newborn to your list of beneficiaries and assigning them their inheritance, it is equally important that you name a guardian for them in your will.

Finally, it is important that you update your will should any of your beneficiaries pass on.

Are there changes in your assets?

During your lifetime, you are going to experience changes in your assets. If you have acquired additional assets since the creation of your will, it is important that you update your will to reflect these assets. Likewise, if you have lost certain assets since the creation of your will, it is equally important that you update your will. For obvious reasons, you cannot bequeath what you do not own.

A will, like most other estate planning tools, is not a piece of document that you write and forget about. Find out how you can update your will to ensure that it accurately reflects your wishes.