How often should I update my will?

How often should I update my will?

October 30, 2012 - by

There is no hard and fast rule, but as a guideline, you should revisit your will (and entire estate plan) at least every five years and every time you encounter a life changing event.  A life changing event could be one of the following:

  • Change in relationship status (marriage, divorce, domestic partnership or long-term partnership)
  • Death of a loved one
  • Birth or adoption of a new child
  • Purchase or sale of a business
  • Purchase or sale of a home
  • Declining health
  • Substantial change in net assets

Or, in the alternative, if you’re asking yourself when you should revise your estate plan, it’s time to revise your estate plan.  And if you have over $1 million in net assets, it’s a good idea to revisit your estate plan more frequently to make sure you are maximizing your tax advantages with your current planning strategies.

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