Many people put off drafting a will because they think that they’re not old or wealthy enough to have one. Even when individuals do sit down and draft one, they soon thereafter put it in a safe place and forget about it. Few people take the time to revisit them. Certain instances call for you to update your will though.
You should update your will any time that you get married. If you’ve found someone you want to spend the rest of your life with, then you probably want your assets to go to them if something happens to you. Unless you draft a will and designating your spouse as your beneficiary, then they could end up getting nothing under Colorado intestate succession laws.
It’s important that you also update your will if you get divorced. If you don’t, then your ex may unintentionally receive your assets.
If you have a child or adopt one, then you should also update your will to ensure that they’re listed as beneficiaries to your estate. You may also want to appoint a guardian who can care for them if you can’t when you do this. You should also review your estate planning documents once your children turn 18.
You should update your estate planning documents including your will any time that a beneficiary dies to replace them. This is especially important if any of them served as your children’s appointed guardian, as your trustee or personal representative.
It’s critical that you review your will any time that there’s a significant decrease or increase in the value of your assets. If there’s a particularly remarkable disposition or acquisition of something valuable, then you should reassess your will as well.
Individuals with retirement plans such as a 401(k) or Individual Retirement Account (IRA) should sit down with their Broomfield estate planning attorney before they turn 70.5. It’s at this meeting that you’ll need to discuss designating beneficiaries for those accounts and the implications of making such choices.
It’s important that anyone with a will sits down with their attorney periodically to review it, especially considering how state laws are constantly changing. If you’d like to learn more about when to update your will or the implications of making changes to it, then an estate planning attorney can help. They can answer your lingering questions and give you that real peace of mind that you’re hoping to achieve.