Is it time to update your will?

You have drafted your will once before and put it aside, is that all you need to do? The answer is no. If you are like most Michigan residents, you do not want to think about your will all of the time. Once finished, it is out of sight, out of mind. There may be times where you want to think about it, however. According to Forbes, there are varieties of life changes that require you to update your will.

Have you recently purchased a new home? Your will needs to reflect your current address. If your home is in your will, it will often state the address of said home, not your current home. You need to update this. If you move and then like many people downsize, you will want to address it in your will. Your will cannot list items that you no longer own. While your will still holds weight, those who would have received those items will not receive any type of replacement.

Whenever you move, you need to consider a will update. This is especially important if you move to a different state. Different states have different laws. The laws that rule are the rules of the state in which you die. In addition to moving, you need to consider your financial situation and the value of your assets. If your size estate changes, there might be challenges for your executor. For instance, say that your estate grew but your will does not account for it.

None of the above information is to be interpreted as legal advice. It is for educational purposes only.