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What are some common reasons to revise your will?

Most Indiana adults who have prepared and estate plan have a will as one of its components. Sometimes, it needs to be updated to ensure that it’s concurrent with your life, and there are several events that precipitate the need to do so.

Your marital status has changed

If you recently got married for the first time, updating your will is crucial to ensure that your spouse is included as someone who should inherit your assets. The same goes if you have gotten married for the second or third time; in that situation, you’ll have to remove your former spouse’s name and add your new spouse to your will.

Divorce is another reason for updating your will. If you are newly single again, you won’t want your former spouse to be included in receiving an inheritance unless you have split on unusually good terms.

You have a new child

The birth or adoption of a new child warrants updating your will. It allows you to prepare for their future in the event that something happens to you while they are still young. You can name a legal guardian for your child in your will to ensure that they will be in good hands if the worst happens.

Estrangement from a beneficiary

Sometimes, the relationship between a testator and one of their beneficiaries changes. There might be a falling out between the two or they might be estranged due to reasons beyond either person’s control. Then, in other instances, a beneficiary might decide they don’t want to inherit anything from the testator. In any of these scenarios, updating the will is necessary.

Deteriorating health

Another reason to update your will is that your health has taken a turn for the worse. If you were diagnosed with a chronic or terminal illness, you might want to update your will while you are still able to do so. It gives you an opportunity to reassess where you want your assets to go and whether you need additional estate planning tools.

Your will is an important document in your estate plan. Keeping it as current as possible ensures its worth.