Once you become an adult, having a will is how you can ensure that all of your wishes are followed when you die. However, the will that you first make likely won’t be the same will that you’ll keep as you age. Because for most people, there are things in life that change that should be reflected in your will and the wishes that you express in this document.
To help you see just how things should be changed in your will now that you have kids, have grown children, are nearing retirement, are entering a senior living community, or whatever it is you’re facing in life, here are three tips for adjusting your will as you age.
Make Changes As Things In Your Life Change
For many people, a will is essentially something that they set and forget. However, when you have things in your life that change, you’ll usually want to make changes to your will as well. Especially for major life changes, you’ll want to ensure that the people or property that you have are accounted for in these documents so that you’re able to take care of them how you want to when you’re no longer around to actually do this physically yourself.
Some of the life changes that should spur you to revisit your will could include things like getting married, getting divorced, having children, changes in your health, changes in your wishes for when you die, expansions to your property or assets, and more.
Add New Assets As You Acquire Them
If you’re someone who first created their will when they were young and didn’t really have a lot to account for, as you age, you’ll likely acquire more items in your life that you’d like to include in your will. And while it might make sense to wait until you have more than one change to make to your will before revisiting it, if there’s something that isn’t included in your will, there’s a much higher likelihood that this thing could be contested when you die.
To help keep this from happening, you may want to consider adjusting your will as you acquire new assets in your life. If you’re buying property, if you inherit a family heirloom, or if you buy something that means a lot to you and you want a specific person to have it once you die, make sure you account for these things in your will.
Revisit Your Will Every 3 to 5 Years
As a good rule of thumb, you may want to just make a note to revisit your will every three to five years so that you can check to see what you stated last time and make any adjustments that you see fit now. This way, you won’t forget what’s been included and can keep everything relatively up to date.
If you haven’t thought about your will for a while, consider using the tips mentioned above to help you know when you might want to make some adjustments.