How often should a will be updated

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  • How often should a will be updated

    • It's why he recommends updating your Will....

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    I can’t tell you how often I meet with clients who tell me they have been meaning to update their wills for years but never got around to doing it.

    Even if you've had no major life changes, “the rule of thumb is you should look over your will and estate plan every five years,” says Leo.

  • Even if you've had no major life changes, “the rule of thumb is you should look over your will and estate plan every five years,” says Leo.
  • To avoid these issues, it's crucial to review your will regularly and update it whenever significant life changes occur.
  • It's why he recommends updating your Will.
  • It is recommended that even without any of the previously mentioned significant life changes or events, to review your Will every five years.
  • It's recommended that Wills be at least reviewed every 5 years, or whenever a major life event happens (marriage, birth, divorce, etc).

    • Their numbers are only surpassed by the people who didn’t think they needed to update their legal documents, and their omissions become clear once they passed away and their family discovers the will is woefully inappropriate.

    Some wills really do pass the test of time.

    I have seen a 50+-year-old will that was spot-on. The deceased individual stated they wanted their spouse to receive their assets, then their children equally if their spouse passed away, and named the same people as executors of their estate.

    The drafting attorney could have patted himself on the back that he foresaw exactly how things would be, but the skeptic could say he got lucky that what he drafted happened to play out in this family’s life without any hitches.

    It is also important to realize that it isn’t merely “why” you are updating your will, but “when” you are updating that

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