If you are like many Americans, you may not have taken the time to create a will yet. According to a survey released by Caring.com, only 4 out of every 10 people in the U.S. has a will or a living trust.
A will lets you name a guardian for any of your minor children, dictates how you distribute your assets after you die and names an executor for your estate. Once you create your will, there are times you should update this document to ensure it always reflects your wishes.
1. You have a new child
When you have your first child, you should make a will to name a legal guardian. For any other children you have or adopt, you should update your will to include them in your estate.
2. You get divorced
If you recently divorced your spouse or have plans to get divorced, update your will. Altering this legal document soon after you get divorced or before will ensure your ex does not have legal right to any of your assets.
3. You want to change a beneficiary
When you originally created your will, you may have been happy with the beneficiaries you chose. If something has changed within your family or with a close friend included in your will, look over this document and make alterations.
4. Time has passed
When you create your will, you should not forget about this document. Review your will on a regular basis to account for changes in your family life and financial circumstances.