If you have a will, then you are already ahead of most Americans. The majority of adults in the U.S. have yet to address their estate plan.
Nonetheless, a will is something that needs to reflect your current needs and wishes. Over the course of even a year, many things can change. Your will may be outdated if either of the following scenarios apply to you.
You’ve recently moved
Estate planning laws vary from state to state. Thus, if you have recently moved to another state, you may need to make changes in your will. The legal terminology in California estate planning laws is also very specific. A will written in another state may not stand up legally in California.
Your assets have changed
A will largely centers around distributing your assets upon your death. If the value of your assets has changed significantly, then this needs to be addressed in your estate plan. For instance, your business may have become much more profitable and thus worth a lot more money. You could have just bought a new house that was not addressed in your previous will.
If all of your assets are not accounted for in your will or elsewhere in your estate plan, then it may fall on a probate court to distribute them upon your death. This can result in legal disputes and disappointed family members.
These are just two of the more common reasons to update your will. Any significant changes in your life could warrant taking another look at your estate plan. Seeking legal guidance to do this is crucial to making sure your estate plan remains valid.