How many times have you ran into someone and asked this question to have them tell you about a major change in their lives? Our circumstances can change drastically in the space of a few months.
We should all understand how important it is to have a will, but it is even more important to have a current will. An outdated will can cause as much of a problem as no will at all. A good example of the problems caused by an outdated will was seen with the Anna Nicole Smith estate. She had a will but it was outdated. She had not updated her will. Her late son was listed as her beneficiary and her daughter was not even mentioned. This meant a lot of legal haggling over who had custody of her daughter and would administer the estate on her daughter’s behalf.
We should update or at least evaluate our will annually. We should also update our wills when our circumstances change. Somethings that should make you update your will:
1. You have gotten married, divorced or ended a relationship with your significant other.
2. You have a new child or grandchild in your family whether through birth or adoption.
3. You have come into a large sum of money through inheritance or some form of settlement.
4. You have purchased a big ticket item such as a home, a car or boat.
5. You have made new investments whether they are in the stock market, a business or real estate.
These are by no means the only reasons you should update your will. There are any number of individuals reasons to do so. But you get the idea, your will should reflect your current circumstances. Having a will is smart, having an updated current will is brilliant.