There are several circumstances in which someone might consider making changes to their will, including:
- Changes in Family Circumstances: If you have a new child, get married, or go through a divorce, you may want to update your will to reflect these changes.
- Changes in Assets: If you acquire new assets or dispose of existing ones, you may want to update your will to ensure that your beneficiaries receive the appropriate distribution of your assets.
- Changes in Personal Wishes: If you change your mind about how you want your property distributed or who you want to act as executor, trustee, or guardian, you may wish to update your will to reflect these new wishes.
- Changes in Tax Laws: Changes in tax laws may affect how your estate is distributed, so you may want to update your will to ensure that your beneficiaries receive the maximum benefit possible.
It is important to review your will regularly, especially after any major life changes, to ensure that it still reflects your wishes and is up-to-date with your current circumstances. If you are unsure whether you need to make changes to your will, you may want to consult with an attorney who specializes in estate planning.
See The Difference Between a Living Will and a Last Will and Testament For more information.