​Three Reasons to Update Your Will

 “According to a new Caring.com survey, only 42 percent of U.S. adults currently have estate planning documents such as a will or living trust. For those with children under the age of 18, the figure is even lower, with just 36 percent having an end-of-life plan in place.” So, if you have a will in place – you’re way ahead of the game.  However, the next question is, how long since you last reviewed your will?
As the saying goes, the only constant in life is change. So, it would be safe to say that things in your life have changed since the last time you reviewed your will. Here are three events that would probably warrant such a review:
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1.Family Growth
Since you last looked at your will, have you had kids or have your kids had kids? If so, definitely a reason to check your beneficiaries.
 
2.Career Growth
Hopefully, since you wrote your will your career has continued to grow and so has your salary. Maybe you bought a home or even a second home. As your assets continue to grow, your will needs to reflect the current status of your estate. And, if you’re really doing well, maybe a review for tax reasons.
 
3.Location Change
Have you moved to a different state since you wrote your will? If so, your new state might have different laws regarding the execution of your will. If you fall into this category, probably be a good idea to check with the lawyer who wrote your will and see what they would suggest.
 
Like all important things in your life, your will needs to be regularly maintained. I suggest to my clients that they review their will at least once every five years unless they experience a major life event. Your will is important, but it is even more important to have a will that reflects your current wishes.  It is always my pleasure to review your will with you. This is always at no cost. Or, if I can help you write your first will or update your current will, I would be glad to help with that, as well.  Please email or contact me at: ssummer@summer-law.com or (512) 327-3399. I look forward to hearing from you.