You should update your will whenever there is a significant change in your life circumstances or wishes. Here are some common situations where updating your will is recommended:
- Major life events: If you get married, divorced, or have a child, it's important to update your will to reflect these changes. You may want to add or remove beneficiaries, change the distribution of your assets, or name new guardians for your children.
- Changes in assets: If you acquire or sell significant assets, such as a house, business, or investment property, you should update your will to reflect these changes. You may also want to update your will if your financial situation changes significantly.
- Changes in relationships: If your relationship with a beneficiary or personal representative changes, you may want to update your will accordingly. For example, if you become estranged from a family member, you may want to remove them as a beneficiary.
- Changes in laws: If there are changes to estate planning laws or tax laws, you may want to review your will and make any necessary updates to ensure that your wishes are still being carried out as intended.
It's generally a good idea to review your will every few years, even if your circumstances haven't changed significantly, to ensure that it still reflects your wishes. Our Sioux Falls will attorneys are here to help you determine when it's appropriate to update your will and guide you through the process of making changes, give us a call today to setup your free consultation 605-275-5665.