Most people think of writing a will as a one-time thing, but it’s a misconception that could cost you and your loved ones. Updating a will regularly is highly recommended among estate planning experts, but how do you know when is the right time?
When to Update Your Will
Not sure how often to update your will? You’re not alone. Less than ⅓ of Arkansas residents have a will in the first place, so if you’re among those who already have one, here is a good place to start.
New State and Federal Laws
It’s important that you follow Arkansas laws and regulations when creating or amending your will. Although rare, there could be changes to what constitutes a valid will. You might also want to consider estate and inheritance tax laws as well since they are subject to changes and increases. Additionally, be on the lookout for any changes in estate planning regulations in Arkansas, which will signal a good time to review your will.
Major Life Events
You should always update your will after life events such as marriage, divorce, death, and birth. Consider your beneficiaries and their relation to you as you decide whom to add or remove from your will.
Relationship Changes
Typically, you name beneficiaries and an executor with the intention of always having a positive relationship with those individuals. Unfortunately, though, your relationship may change. If you have a falling out with someone you’ve named as a beneficiary, it’s time to update your wlil to reflect that.
Changes in Financial Status
Always review your will after a change in your financial status, whether positive or negative. A sudden increase in assets may cause you to look into options other than your current will, such as setting up a living trust for your beneficiaries. On the other hand, you might want to change beneficiaries or move your assets if you have a sudden decrease in wealth.
After Moving to a New State
While many states have similar laws regarding wills, you should always review your own if you move to a new state or even another country. What makes a valid will in Arkansas may be different in a neighboring state, so always plan to update your will in your state of residence.
Every 3-5 Years
Perhaps none of the above have happened to you in recent years. In that case, you should still take a look at your will every 3-5 years. There may be something you forgot or don’t know about. Relying on an expert like an estate planning attorney can give you the peace of mind that your assets will be protected under any circumstance.
How to Update Your Will in Arkansas
There can be serious consequences if you fail to update your beneficiaries or other designations within your will. If you think it’s time to review or update your will, contact the estate planning attorneys at L. Jennings Law. Our law team can provide you with the knowledge, guidance, and expertise needed to achieve your financial goals and ensure your will honors your wishes. Contact us today to schedule a consultation.
