Is it Time to Update Your Will?

Life events unfold every day. Some entail months of planning, such as your daughter’s wedding or a grandchild’s birth, while others happen suddenly and unexpectedly, like the death of a loved one.

Many people forget how these events affect their financial intentions. If the following events have happened, it may be a good idea to revisit and update your Will to make sure it sets forth your wishes regarding the distribution of your property and the care of any minor children.

Have You Experienced Any of the Following Since Writing Your Will?

1. Changes in marital status. Have you gotten married or divorced? Whether you are single or a party of two, make sure to update beneficiaries and document name changes.
2. Birth or adoption of a child or grandchild. With a new child in the family, there are guardianship and inheritance considerations that could change your legal document.
3. A recent inheritance or an acquisition of significant assets or property. Make sure to incorporate any new assets into your current Will.
4. Changes in state laws regarding Wills or estate planning. Occasionally check to make sure your state did not change its laws that would be relevant to your Will.
5. Changes in your relationships with beneficiaries or executors. As your family matures and children become adults, you may want to modify beneficiaries or executors.
6. Changes in financial circumstances. You may want to review your Will to reconfigure how your current assets will be distributed, whether they are larger or smaller compared to when the Will was written.
7. Changes in charitable intentions or beneficiaries. It is important to keep designations updated. Failure to update this information can cause an unintended and potentially uncomfortable distribution of your assets.
8. A relocation to another state. When you pass away, your Will is administered in your state of residence. Your current state’s laws apply — not the laws of the state where the Will was written.

This spring, take time to create or revise your Will and other important documents relevant to your financial planning. Prepare a list of your assets, including your house, personal property, investments and bank accounts. Review your beneficiary designations on assets such as retirement accounts and insurance policies as those have specified beneficiaries. A Jemma Financial Advisor can help you through this worthwhile process.