When you finish writing your will, you might believe you have done your job. However, just because you have completed your will does not mean you should never revisit it. You may have a reason to change some of the provisions since you last wrote the will.
There are a number of reasons to update a will. The federal or state government may have passed a new law that requires you to make some changes in your estate plans. As Forbes explains, you may also have to refresh your will to reflect changes that have occurred in your life.
Changes in asset ownership
If a lot of time has passed since you wrote your will, information that you placed in your will may be out of date. You might have sold off a car that you had intended for a child to inherit. You may have moved to a new home or purchased a valuable asset that you want to pass on to a child following your death.
Life changes such as these make reviewing your will necessary to help ensure your estate wishes are up to date. A will that contains outdated information or fails to address the status of assets can tie up your heirs in court proceedings or cause them to lose out on some assets you would otherwise want them to have.
Heading off possible disputes
Sometimes you may need to refresh a will based upon your current family dynamics. If you sense your family may fight over who gets one or more of your assets, you might want to resolve the issue by spelling out your inheritance wishes for a potentially disputed item. You can do this for a valuable item or a possession that holds no great value to anyone except for your family.