Your will is the foundation of your estate plan. This document outlines what you want to happen to your assets after you die, but many people have yet to create one of these documents.
According to a survey conducted by Caring.com, approximately 4 out of 10 adults in the U.S. have a will or a living trust. Even if you have already made your will, there are times where you should update this document to ensure it reflects your wishes.
Your family grew
Go over the terms of your will every time you have a new baby or adopt. This will give you the opportunity to name a guardian for your new child.
Your marital status changed
If you recently got married or went through a divorce, take time to revisit your will. Do this as soon as possible after your divorce or marriage to make sure your beneficiaries reflect who you want your possessions to go to when you die.
Your financial status changed
A significant increase in your personal wealth may require changes to your will. You should also alter your will if you experience a decrease in your wealth. For example, if you lose money in the stock market, you may want to change your beneficiaries or alter which assets they receive.
Going over your will is an activity you should do regularly in addition to when you experience a major life change. Generally, you should plan on reviewing the terms of your will approximately once every year.