A will is an important legal document that outlines your wishes for the distribution of your assets and the care of your loved ones after you pass away.
But if you do not keep it up to date, it will not accurately reflect your current intentions and circumstances. The good news is making updates is a fairly simple process.
Review your current will
The first step in updating your will is to carefully review your existing will. This will help you identify what changes you need to make, if any.
Consider life changes
You should consider any significant life changes since you created your last will. This could include marriage, divorce, the birth or adoption of children or the death of beneficiaries or executors.
Take inventory of your current assets. You may have new property, investments or assets that are not in your existing will or do not have beneficiary designations.
Check guardianship plans
If you have underage children, your will provides the opportunity to designate the individual who should assume guardianship in the unfortunate event of your passing. Verify that your selected guardian remains both willing and capable of undertaking this responsibility.
Review your executor selection
The executor is responsible for carrying out the instructions in your will. If your chosen executor is no longer suitable or willing to serve, it is important to designate a new one.
Once you have identified the necessary updates, contact your attorney to draft a new will or create a codicil that incorporates these changes. You will need to follow the same process you did when creating the original will to ensure the changes are legally valid.