Given the events of the last few years, it’s probably no surprise that there’s been an uptick in the number of people, in general, that have taken that step. In fact, 35% of the Millennials who have recently created a will have directly referenced the current state of the world as their primary motivation.
When you’re young and your life is still in motion and full of changes, it’s particularly important to make sure that your estate plans continue to reflect both your needs and desires. You can’t afford to let your will become a static document.
When does your will need to be updated?
It’s good to review your will annually, and making it part of your annual New Year’s resolutions is never a bad idea. You likely only need to make changes when:
- You have had a change in your relationship status: Maybe you married, divorced or moved in with your significant other over the past year. You may want to change beneficiaries on your insurance policy, update your powers of attorney designations and more.
- You have had a new child: If you created your when you were child-free, you definitely need to update your will (and that includes making sure you have a guardian designated for your newborn).
- You have had a change of heart: Maybe you left most of your personal items to your brother and your money to charity because you’re unmarried and childless. If your feelings about those designations have changed, your will should reflect that.
- You have had a major change in assets: If you bought property, sold property, inherited a lot of money or had another big financial change, it’s good to take that into account with your estate plans.
As always, a comprehensive estate plan is not a do-it-yourself job. There may be legal options you haven’t even considered that will better meet your needs.