When Should I Update My Will?

During these summer months, when we are all thinking of vacations and traveling, this just might be an excellent time to think about updating your will. My husband and I was able to board our plane to Puerto Rico, yesterday (without the kids), with the peace of mind that we had done everything to take care of them first. We ensured that they were in the hands of great caretakers, that here was plenty of food and cash, left all important information in case of emergency, and …………reviewed our wills. I will admit that I’d been meaning to do that for quite some time (since we created them in 2000!). But like too many of us, had not gotten around to it. But with both parents getting on a plane, it was a must. While our wishes had not changed, there was some needed updates. First, my alternate selection as executor of my estate, had relocated from another state and had gotten married, so, of course, had a different address and last name. In addition, one of the selected guardians, of my girls, had relocated from another country, again a new address. Finally, the location of where I kept our wills had changed, yet I had told no one where to find it! These are just some reasons to review your will. Others may be an unexpected death; a new birth; a marriage or divorce; travel plans, a change in your assets and, of course, the mere passage of time. All these events are great reasons and times to think about updating your will. Now, if I haven’t hit on a life event that may relate to you, do it after you finish reading this blog or use my husband’s suggestion and connect the possible changing of your will with the changing of your smoke detector batteries. Something! Whatever may work for you. And, of course, after you’re done, tell someone where it can be found. But you don’t have too! If you don’t want anyone to know you have a will or what’s in it, you can register your will, for a $5 charge, in the county courthouse. Following your death, the court will release it to whomever happens to be appointed as executor of your estate. Finally, don’t forget to review and update the beneficiary designations on your insurance policies, POD/TOD accounts, investment accounts, annuities and pension, retirement and/or 401K plans. And of you don’t have a will, well, another blog subject for another day!

Categories: Estate Planning

%d bloggers like this: