Estate planning is a continuous process that requires updating to reflect the current state of one’s financial affairs. As part of estate planning, there is no better time to update your will than in March. Why March? March offers sufficient time to evaluate changes that might have occurred over the holiday period or at the end of last year.

Reasons to update your will

Updating your will should not be underestimated, particularly in ensuring the security of those you hold dear. The will is a legally enforceable document that details your wishes concerning the distribution of your property upon your demise. An outdated will may lead to discrepancies and potential conflicts among beneficiaries. Here are some reasons for updating your will:

Life events—Major life events, such as the birth of a child, the death of a loved one, marriage, divorce, or significant financial changes, can drastically impact the outcome for heirs.

Tax laws—Tax laws change periodically, which might impact your estate and its division. Reviewing your will and other estate planning documents periodically with a legal professional who stays updated on these changes is vital. They can advise on the changes to help prevent beneficiaries from paying unnecessary taxes.

Updating assets—Aligning your current financial assets with your will helps ensure your wealth transfer strategy remains relevant. Review the listed assets and add any missing ones or remove liquidated ones.

Relationship changes—Any changes in your relationship with your heirs, executors, trustees, or guardians named in your will require prompt updating. If you experience a falling out with any of these individuals, or if they pass away, move away, or become incapable of performing their roles, the will must reflect these changes.

Moving to a new state or country—Another reason to update a will is moving to a different state or country. Other jurisdictions may have different laws regarding estate planning, wills, trusts, taxes, and probate. Therefore, reviewing and updating your will to ensure it complies with your new residence’s laws is vital.

Age changes you—Your perspective and preferences may change as you age. What seemed like a good decision at a younger age may not seem like a good decision as you grow older. Revisiting your will enables you to ensure it accurately reflects your current wishes.

Remember, estate planning is not a one-time event but a continuous process. Because life is ever-changing, your will must reflect on these changes to help ensure effective execution.