It’s important to update your will in certain life situations

Posted on March 1, 2025 by East Lyme

It’s important to update your will in certain life situations to ensure that it accurately reflects your wishes. Here are some key events when you should consider updating your will:

  1. Marriage or Divorce:

    • Marriage: If you get married, your spouse should be included in your will, and any previous provisions may need to be changed.
    • Divorce: If you divorce, you may want to remove your ex-spouse as a beneficiary or revise other provisions related to them.

  2. Having Children or Adding Dependents:

    • When you have children or if you take on the responsibility for other dependents, you’ll need to name guardians and possibly adjust your asset distribution.

  3. Changes in Financial Situation:

    • If you experience significant changes in your financial situation, such as acquiring or selling a major asset, receiving a large inheritance, or having substantial debts, it may be time to update your will.

  4. Changes in Relationships:

    • If someone close to you (e.g., a family member or friend) passes away, or if you have a falling out with someone you initially included in your will, you may need to revise your will accordingly.

  5. Relocation to a Different State or Country:

    • Wills are governed by local laws, so moving to a different jurisdiction may affect the validity or terms of your current will. You may need to update it to comply with new legal requirements.

  6. Changes in Your Executor or Beneficiaries:

    • If your chosen executor becomes unavailable or if you want to change beneficiaries (perhaps due to changes in relationships or preferences), updating your will ensures everything is in order.

  7. Retirement:

    • After retirement, you might want to revisit your will to account for any changes in your goals for asset distribution and ensure your plans are still aligned with your needs.

  8. Health Changes:

    • If you experience significant health changes, it may be a good time to revisit your will and potentially add instructions for end-of-life care or medical decisions (this could also be covered in a living will or medical directive).

As a general rule of thumb, it’s a good idea to review your will every 3 to 5 years, even if there aren’t any major life changes. Keeping it up to date ensures that your wishes are accurately reflected.

If you’re in the process of updating or creating a will, you may also want to consult with a lawyer to ensure everything is legally sound!