How Often Should a Will Be Renewed?
Writing a will requires a significant amount of effort, both mentally and emotionally. This not only forces you to confront your own mortality, but it also forces you to make important decisions about who you trust to handle your financial and personal issues after you leave. That’s a lot, but it’s one of those challenges that can give you tremendous peace of mind when things are done.
However, once you’ve made your will, you can’t just stick it in a drawer and forget about it. You should update it regularly to make sure it reflects your personal circumstances and wishes. But how often is it adequate?
I asked Allison Cade, editorial director of Fabric , a life insurance company that offers voluntary wills via a mobile app, how often you should update your will. She said that you should revise your will more often than you think.
In short, any change in your estate or your marital status requires a revision of your will. These events may include:
- Marriage
- Divorce
- Childbirth
- Death in the family
- Making a major purchase or sale (house, car)
- Change in the status of your debt (you may have taken out or paid off a mortgage)
- Starting or closing a business
- An altercation with a family member or close friend whose name may have been on your will.
Cade said that if none of these events happened, you should still review your will every year . “Even if your life seems the same, look. Maybe just five minutes to look up and say, “It’s okay, nothing has changed,” she said.
Cade said looking at your will will also help you quickly compile a list of who is named on your document as executor, beneficiary, or legal guardian. If the health of a parent or other family member has changed dramatically over the past year, it may be time to choose someone else to handle your property in the event of your death. Or, if you have named someone the legal guardian for your children, but that person has been struggling financially lately, you can name someone else so as not to burden the person you named.
This does not mean that you have to start over and rethink everything . You can include contingencies in your will that will serve as a backup in case the first person you named is unable to fulfill this role should the need arise. “If you forget to update your will, you will need this backup,” Cade said.
Making significant changes to your will essentially requires you to write a new will. If the changes are minor or limited to one small section of the will, you can attach a codicil .
If you’ve worked with an attorney, ask what is the fee for renewing your will. While you can expect to receive a flat fee of $ 1,000 to $ 1,500 to draw up a new will, a lawyer you have worked with will likely charge you an hourly fee to renew your will.
Have you chosen the path with your own hands? Some online will writing services charge a membership fee, which allows you to update at any time; others will let you log in and update for free. Be sure to follow the directions to make sure your will is legally binding after you make an update.