When to Update Your Last Will and Testament
Do you have a Last Will and Testament? Excellent! It is an essential part of your estate plan, and will make things clearer and easier for those you leave behind. “I’m not rich, I don’t have an estate, so I don’t need a will,” you might think. An “estate” in this situation is considered as, “a person’s belongings, physical and intangible assets, land and real estate, investments, collectibles, and furnishings.” You don’t need to be a bazillionaire to have an estate.
Your will does need updating from time to time. Estate lawyers recommend updating your will every three to five years, or any time you have a major life event. Read on for situations when you should update your will.