Financial Housekeeping – Keeping Your Will Up to Date!

Like too many things in life, after we finally realize that we need to prepare a will to
protect our estate, and then have the will prepared, we think of it as a finished task, put it
on the back burner, and tend to forget about it.
However, the entire subject of estate planning, of which your will is only a part, really
needs to be a subject of continuing review.
For most people, it would be a very valuable use of several hours –for example, make it
one of those year – end, or year – beginning jobs that we always do – to regularly review
our estate plans to see if those plans need to be corrected, revised, or updated.
Even if you do not change your ideas about disposing of your estate at the time of your
death, there are many factors that could change over time to make it essential for you to
continually review the terms of your written will.

Here are some of the factors that you should keep in mind:

 You might need to change your executor. Most persons have a child, family
member or friend as the executor of the will, and you should review that choice
regularly to make certain you’ve made the best possible choice and to make
certain you’ve chosen someone who most likely will outlive you and will fulfill
your wishes. Accidents, health, and other factors could force a change.
 Your personal status or that of your beneficiaries might change. If you get
married, re-married, divorced, or are widowed, you need to review the
terms of your will. This also goes for your beneficiaries.
 Your financial status might change. Hopefully, it is improving, but change
in either direction is sufficient cause for a person to review the financial
aspects of their will. This might mean that assets specifically mentioned in
the will were sold, or that you acquired new assets. Along with this, tax or
estate laws could change which would impact the distribution of your
assets.
 Finally, someone you trust, most likely the executor of your estate, needs
to know, always, where you physically store and preserve your will. This
would be more important in the event of a move to a different city or state,
or if the will was modified or revised.
And if in doubt, always remember to seek the assistance of your professional
estate or financial planner if you have questions.