The time comes in one’s life when a will is necessary. Don’t wait until this moment to run frantically to your attorney’s office to have this important legal document drafted. It will likely be too late. Let’s take a look at the milestones in life that should trigger a review of your will so that it is always updated for where you are in life right now.
Getting married is the first milestone many people hit in life that triggers them into getting a will in the first place. Maybe you declared life partnership with someone. Or, maybe you are domestic partners. Either way, it’s time to update your will if you have one or create one to protect yourself.
The next milestone would be the birth of your first child. A will and other estate planning documents should be updated with the birth of each child in your life. This ensures that each child has the same protections when it comes to guardianship and trusts.
No one likes to think about divorce but it is a time in life where your will must be updated. You likely won’t want to continue to name your former spouse as a beneficiary of your assets, which is why you need to update your will upon the finalization of your divorce.
If your spouse or child passes away before you, it’s time to review your will. Their names need to be removed and other changes will need to be made following their deaths.
The review of a will should not take too long. Your attorney will ask you a host of questions to gather the information that is needed to make the appropriate changes. If any of the milestones mentioned in this post happen to you then it is time to update your will.