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Reasons to update your will

If you have a will in Michigan, it is important to update it in certain situations. Big milestones are obvious reasons to make changes, but there are also reasons that may not be as obvious, so it is important to review your estate on a regular basis to make sure everything is planned for correctly.

Wise Bread discusses the more-obvious reasons for updating a will, and these typically have to do with the addition or deletion of a beneficiary. Marriage and the birth of a baby both present new loved ones who you probably want to include in your will. While state laws may dictate that some assets go to your spouse or children upon death, a will outlines exactly how you want to distribute things. Divorce also presents an opportunity to update your will, as you probably do not want your ex to be a beneficiary. If a beneficiary passes before you do, you will need to make new arrangements as to where property and assets go.

FindLaw discusses some situations that may not be as obvious that constitute reviewing your will. One is if you move to a different state, as each one has its own estate planning requirements. Meet with an estate attorney before you retire, as taking distributions may change what a beneficiary receives. Finally, even if there is no major life change or disruption, you should review your estate every five years or so to make sure it is still what you want and to make changes if necessary. 

 

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