Your will is an important part of your estate plan, and it dictates who will receive your assets after you die. However, many people have yet to create a will or get started on the estate planning process.
According to a survey produced by Caring.com, only 33% of Americans have a living trust, will or another type of end-of-life document. If you already have a will, there are certain events in your life that should prompt you to update this part of your estate plan.
A new child joins your family
If a new child joins your family through birth or adoption, spend time updating your will. Your will is where you can determine guardianship for your child so that he or she receives the care you want if something unexpected happens to you.
You get married or divorced
If you get married or divorced, plan on reviewing and making necessary changes to your will. Doing so could prevent your ex from receiving your property after you die and also ensure your spouse receives the assets you want them to have once you are gone.
Your personal wealth changes
An increase in your personal wealth may inspire you to increase the gifts you make through your estate plan or change your beneficiaries. This may also prompt you to create a living trust.
Your will is not a stagnant document, and you may want to edit it several times over the course of your lifetime. Consider reading over your will and familiarizing yourself with its terms once a year or so to ensure this document always reflects your wishes.
