Life is unpredictable, and our relationships and preferences can change over
time. If your will was written some years ago, it is crucial to inspect this and other
estate-planning documents and ensure the contents still reflect your wishes. Many
legal authorities in the field recommend reviewing and updating your will at least
every five years.
Here are some reasons to update your will:
- Upon the birth or adoption of a child, grandchildren, or other family member.
- Following a marriage or divorce.
- When someone named in your will passes away.
- When children, grandchildren, or other heirs reach adulthood.
- Upon changes in your executor, guardian, and/or trustee’s circumstances.
- When the value of your estate significantly increased or decreases.
- Upon starting a business.
- Following changes in tax laws.
- When you are approaching the age of 70½ (when you are required to begin taking distributions from your IRA, 401(k) or other qualified plan).
- Following a move to a different state.
- Following a diagnosis of a chronic or terminal illness.
After reviewing your will if questions arise or revisions are needed, then it is time to make an appointment with your attorney. They will recommend either drafting a signed and witnessed codicil that is added to the original document or officially revoking previous versions of your will and drafting a new signed and witnessed will.
Finally, your will is arguably the most important document you will ever sign. Why not use this very powerful and important document to bear witness to the most important thing about you – your Christian faith! As an act of faith and thanksgiving for all the blessings of your life consider remembering your parish church in your will.
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