To take care of your loved ones, you have an estate plan. You created a will a few years ago, but do you need to update it?
Forbes explores various life events that often require changes to estate planning documents. Take steps to ensure your will always reflects your most current needs and wishes.
Since you created your will, did you sell your primary residence or buy a new one? Your will should note your current home address. That way, your beneficiaries receive real estate attached to a specific physical address.
Did you move to New Jersey after drafting your current will? Different states have different laws regarding estate planning. Your will should adhere to the regulations and requirements of the state in which you currently live. Depending on where you move from or to, you could need a different will.
If you have fewer possessions than when you initially drafted your will, update the document. You do not want your will to list items you no longer possess. If it does, your beneficiaries do not receive those items. Instead, they get nothing.
Shifting charity relationships
Perhaps you volunteer for charities or nonprofits that mean a lot to you. If you want to leave an organization money, note your desire in your will. You could also change your mind about a charity and not want to support it any longer. Either way, ensure your estate planning documents reflect your desire to support or not support specific nonprofits and charities.
Your estate planning needs could change over the years. Regular reviews of your will ensure peace of mind for you and your loved ones.