Estate planning isn’t something you do once and forget about—it’s an ongoing process that helps ensure your financial affairs are in order and your loved ones are taken care of. One of the most important documents in an estate plan is a will, but over time, things change. Life events, financial shifts, and even tax laws can impact your estate plan, which is why reviewing your will periodically may be a good idea.
While having a will in place is a great first step, keeping it up to date can help ensure that it continues to reflect your current wishes. Here are a few reasons why you might want to revisit your will from time to time.
Reasons to Review Your Will
Life Changes Happen
Major life events—such as getting married, divorced, welcoming a new child or grandchild, or losing a loved one—can all affect your estate plan. When these milestones happen, it may be worth checking your will to see if any updates are needed to reflect your current situation.
Financial Situations Evolve
Your financial picture can change over time. You might buy or sell property, invest in new assets, or experience a shift in income. If your will doesn’t reflect your current financial situation, it could create confusion down the line. A periodic review can help ensure that your estate plan aligns with your most up-to-date financial landscape.
Tax Laws Can Shift
Tax laws aren’t set in stone, and changes could impact how your estate is handled. Keeping up with any relevant legal updates with the help of a financial or legal professional might help ensure your estate plan remains efficient and beneficial for your heirs.
Relationships May Shift
The people in our lives can change, whether it’s relationships with family members, friends, or even those named as executors or trustees. If someone you previously named in your will is no longer in your life—or if someone new has become an important part of it—it might be time to make adjustments.
Moving Can Impact Your Estate Plan
Different states and countries have their own rules when it comes to estate planning. If you’ve moved recently, it could be worth checking to make sure your will complies with the laws of your new location.
Your Perspective May Change Over Time
As we go through different stages of life, our views on money, family, and legacy might shift. What seemed like the right decision years ago might not feel the same today. Reviewing your will periodically can help ensure that it still reflects your current priorities and goals.
Estate Planning is a Process, Not a One-Time Task
Keeping your will up to date doesn’t have to be complicated, but it can be a meaningful way to ensure your wishes are clear and your loved ones are taken care of. Whether it’s a quick check-in or a full review with a financial or legal professional, taking the time to revisit your estate plan every so often can be a valuable step in keeping things aligned with your current situation.
