A will is an important document that everyone should have. As life changes and you grow older, it is also crucial to update your will. It is recommended that you should review your will every three to five years and change it as necessary. At Reno, Nevada’s Carlson & Work, our experienced estate planning attorneys can help you review and update your will.
Life Circumstances for When You Should Update Your Will
- You can’t find your original will: When you can’t find your original will, make a new one and include that all previously made wills are revoked.
- You gain a lot of money: If you have come into a lot of money, you should add how you would like that money distributed after your death into your will.
- You have financial setbacks: If you have financial setbacks, the size of your property may change, and you may want to change how your assets are managed and divided after your death.
- You move to a different state: Laws revolving around wills differ in every state. Nevada will laws may differ from the will laws of the state you move to, so you must ensure that your will is still valid in your new state.
- New legislation is passed that affects Nevada will laws: Laws relating to taxes and estates may change and may motivate you to change your will.
- You have your first child: Upon having your first child, you should name your choice of guardian for your child in the event that you pass away.
- You are thinking about a divorce: If you are thinking of getting divorced, consider updating your will to ensure that your spouse does not receive all of your money if you die before the completion of your divorce.
- You have gotten a divorce: Once you have gotten a divorce, you should update your beneficiaries in your will, because it is likely that your ex-spouse is the current beneficiary.
- Your executors or beneficiaries die: If your executors or beneficiaries die, you should name new ones in your will to ensure that your property is passed onto people of your choice.
- Your health deteriorates: If your health deteriorates, you may want to review and update your will in preparation for the worst.