A will is not a one-time document. Life changes, and when it does, your will should reflect those changes. If your will is outdated, it may not distribute your assets the way you intended. Regularly reviewing and updating your will ensures that your wishes are honored.

When Should You Update Your Will?

A general rule of thumb is to review your will every three to five years. However, there are specific life events that may require an immediate update.

Marriage or Divorce

If you get married, you may want to include your spouse in your will. If you divorce, you likely want to remove your former spouse from any inheritance. Failing to update your will after a divorce could mean that your ex still receives assets.

Birth or Adoption of a Child

Adding a child to your family is a big reason to update your will. You may want to designate a guardian for them and ensure they are included as beneficiaries.

Death of a Beneficiary or Executor

If someone named in your will passes away, you should update the document to reflect a new beneficiary or executor. This ensures that your estate is handled according to your wishes.

Significant Financial Changes

If you receive a large inheritance, sell property, or acquire new assets, your will should be updated to reflect these changes. This prevents confusion and ensures your assets go where you want them to.

Moving to a New State

Laws regarding wills vary by state. If you relocate, it’s a good idea to have an attorney review your will to ensure it aligns with the laws in your new state.

Changes in Relationships

If you have a falling out with a beneficiary or want to add a new friend or family member, you should update your will. This keeps it in line with your current wishes.

How to Update a Will

Updating a will can be done in a few ways. The right method depends on the extent of the changes needed.

Adding a Codicil

A codicil is a legal amendment to your existing will. It allows you to make minor changes, such as updating the name of a beneficiary or changing an executor. It must be signed and witnessed, just like your original will.

Writing a New Will

If you need to make major changes, writing a new will is the best option. The new will should clearly state that it revokes all previous versions. This prevents any confusion or legal challenges.

Creating a Personal Property Memorandum

Some wills include a personal property memorandum, which lists specific items and who will receive them. This document can often be updated without formally changing your will, but it must be referenced in the will to be legally valid.

Need Help Updating Your Will?

Keeping your will up to date ensures that your assets are distributed according to your wishes. If you haven’t reviewed your will in the last few years, now is the time to do so. Salines-Mondello Law Firm, PC in Wilmington, NC, can help you make any necessary updates. Call (910) 777-5734 today to schedule a consultation and ensure your estate plan is current and legally sound.