How often should I update my last will and testament?

On Behalf of | Oct 23, 2019 | Family Law |

In Indiana, a last will and testament can ensure that when you die, your family has a blueprint of what you want to happen from who gets what to how you want the funeral. Most people create a will and never look at it again. Here are some reasons why you may want to relook at your will and update it.

Forbes provides a list of the most common times you should relook at your will. If you recently won the lottery or came into an inheritance, you may want to redo the will and allocate those assets appropriately. Business owners who have grown their business significantly should reevaluate every few years.

When you lose a loved one, these types of life-altering events often put changing your will on the backburner. However, those loved ones may have been granted provisions in the will that they can no longer take. Any change in a committed relationship whether its divorce, marriage, remarriage or separation requires a formal changing of the will to reflect the change in the situation.

As a new grandparent, you may want to make some provisions should your child and their spouse die while your grandchild is still young. Becoming a parent, in general, may change how you designate assets upon your death. Children also need a designated guardian should you and your spouse pass before the child becomes of age.

A change in health, financial setback or law change can also add to the reasons to reevaluate your current will. This information is only intended to educate and should not be interpreted as legal advice.