On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Friday December 11. 2020.
When did you last update your will and testament? If you haven’t updated this important document within the past several years, it may be outdated. You may have additional heirs who need to be added to your will, or you may need to remove an heir. Your assets may also have changed. One good idea to ensure your will is always current is to make updating it a holiday tradition.
Why Update Your Will Yearly?
Many people may wonder why updating their will every year is necessary, especially if their assets and heirs haven’t changed. You may not actually need to make changes every year. However, you should still review your will annually. This will remind you of what your last wishes are and give you the opportunity to make changes.
Making this a Habit Ensures Changes Are Made
If you’ve had a new child, gotten divorced, or had any other major life changes, you may recognize that you need to update your will. However, life is busy. You may keep planning on making an appointment to have your will updated, but then you never seem to find the time to do so. If you make updating your will a holiday tradition, you’re more likely to do it because it’s a routine task. This helps ensure that these major life changes are reflected in your will. If they aren’t and you unexpectedly die, it can cause considerable work for your heirs.
Why Update Your Will Around the Holidays?
There’s no specific reason to updating your will around the holidays as opposed to any other time of the year. However, most people do tend to think about things in defined terms, whether that term is a week, a month, or a year. By updating your will around the holidays, you can look at the past year and determine what may have changed. It can be easier to list changes from January up to December instead of from last year’s June to this year’s June. As the year closes, most people have already made all of their major purchases or life changes. However, if you have a wedding scheduled for late December, you can always schedule your meeting to update your will a little later. Just make sure it gets done.