The creation of a will can help relieve a lot of stress in life. You know that there is a legally binding document with your name and signature on it that will protect your assets from falling into the wrong hands upon your death and ensure that your children are taken care of once you are gone. Let’s take a look at the reasons why you should update your will throughout life.
First and foremost, a will should be updated when you get married. You have now added a beneficiary to your life that should be recognized in the will and vice versa.
Once you have your first child you should update the will again. You now have another beneficiary to recognize. You also need to pick a guardian for the child should you die unexpectedly before they turn 18. The will must then be updated with each subsequent child you have or adopt.
Don’t forget to update the will if you come into some inheritance. You can detail who is to receive this asset upon your death. You can also designate that it goes into a trust for your children or grandchildren.
Speaking of grandchildren, this is another important time in life to update your will. Many people like to leave items or money behind for their grandchildren. The only way this can happen is if you include them in your will.
Should you wind up getting divorced you need to update the will to reflect this change in marital status. You might not want your former spouse to wind up receiving any of your assets upon your death.
Updating your will is an important part of life. It should be done with each passing milestone you encounter. This will ensure that there are no surprises upon your death and that your loved ones are always cared for properly.