If you have already drafted a simple will, you are doing better than most. After all, according to the American Association of Retired People, only about 40% of Americans have gone through the estate planning process.
While writing your initial will is a major accomplishment, you likely have some additional work to do. Specifically, you must regularly review the document to be certain it continues to reflect your genuine wishes. If any of the following three events happen, though, you may need to rework your simple will.
1. Changes to the law
Tax regulations and other laws change with some regularity. When legal changes occur, you must ensure your will continues to be legally valid.
Alternatively, you may be able to take advantage of a legal framework that was not available when you drafted your simple will.
2. Changes in your family makeup
You do not want to leave loved ones out of your estate plan simply because your relationships have changed. If you have a new spouse or additional children, you may need to modify your will to provide for everyone in your life.
Likewise, if your will still includes someone who is no longer important to you, you probably want to update the document.
3. Changes in your finances
If you have more or fewer assets, you may have a different idea about what happens to your wealth after your death.
While you probably do not have to worry about minor financial changes, you should consider updating your will to account for major ones.