When Should I Redo My Will?
Generally, it is a good idea to review your will every three years. However, there are changes in your personal life that could prompt you to make changes sooner than that. Generally, there are three reasons to change your will and, typically, one of those reasons will emerge within any given three year period.
Change In Law: You are probably not up on the latest details of estate planning laws. However, your lawyer is. A visit to your lawyer will allow you to take advantage of new laws or avoid undue taxation with the ever-changing laws that govern estate taxes.
Change In Economics: A change in economic conditions could be something personal such as a new job or the sale of a business. However, a change in economics can also mean something such as a decrease in real estate values. The worldwide economic problems that began in 2008 were an opportunity for people to transfer real estate at a lower value than just a few years earlier.
Change in Family: A change in family can be something as wonderful as adding a new baby or as troubling as a diagnosis of a medical problem. Marriage, divorce, and remarriage create new family dynamics that should be reflected in your estate planning.
If you think back on the last three years, you can probably identify a major change in your life. If you are lucky enough to have a stable personal life, then there are laws that have changed and you should schedule an appointment with an estate lawyer.