It is not unusual to create a last will and testament then put it away and forget about it until a major life change such as remarriage or a recent birth brings updating to mind.
However, there are many reasons for updating your will. Here are five you may not have considered.
1. Relocation to Florida
Perhaps you created your will several years ago, but you recently moved to Florida, which will require a change to your will. Even long-time residents must update their documents periodically in order to stay abreast of new state laws that might affect their estate plans.
2. New home
If you have sold the home you owned when you wrote your will and have purchased another, you will need to update your will to reflect the new address.
3. Value of assets
Over time, the value of your assets has probably changed. Your original will may have specified the amount of money you wanted to give each of your children. Since then, your assets may have grown or shrunk. Consequently, you must amend your will according to your current net worth and show updated dollar amounts for your beneficiaries.
4. Change in charities
Your original will may have named a nonprofit as a beneficiary, possibly a charity you served as a volunteer. Now you wish to leave money to a different charity, which will require an update to your will.
5. Primary caregiver
If you have become incapacitated in some way, your son, daughter or another family member may now serve as your primary caregiver. You may wish to reflect your gratitude by naming this person as a beneficiary in your will. Be sure to let your family members know so there is no question of your intention later on.