Published on AARP
By Lynnette Khalfani-Cox
September 23rd, 2024
Don’t just ‘set and forget’ your estate plan… Just crafting a will isn’t enough, experts say.
You need to keep it up-to-date and make changes after certain events occur to ensure that your assets will be distributed according to your wishes when you pass. Updating your will can also help prevent family squabbles over inheritance down the road.
There are a number of instances during your lifetime when it’s wise to review your will and potentially make changes to the plans you’ve put in place.
Keep in mind, anytime you make a change to your will, the revision must be done according to the same procedures as the original document — such as proper witnessing or notarization as required by your local jurisdiction — to ensure the new version’s validity.
Here are six times when you should consider updating your will, according to estate attorneys and financial advisers.
An estate plan is never a one-and-done activity. A well-drafted estate plan will be flexible and grow with you, but must still be revisited periodically to make sure it still accomplishes your goals. The only constant in life is change, and that goes for your estate plan as well.
William Stafford, Partner, Daniels & Tredennick, Houston
