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When do you need to update your will?

Posted by Lidia Law Firm, P.C. | Jul 12, 2019 | 0 Comments

Estate planning in Oklahoma is usually not a one-and-done deal. It is possible, perhaps even likely, that your life circumstances will change in one way or another between now and the time that you eventually pass on, perhaps more than once. When that happens, it is a very good idea to review your will and make changes accordingly to reflect your current situation. 

There is no predetermined schedule by which you should update your will. Rather, it should happen any time you experience a major life change that affects its current provisions. Forbes magazine suggests several life events that may warrant review and revision of your will. 

A change to the value of your estate

This can include either a significant increase or a significant decrease. The former can occur when you purchase a new asset, such as a house or a business, and the latter can occur when you sell an old one.

A change in your family

You may need to update your will due to a divorce, either your own or that of a loved one. If you are the one divorcing, you should also update any additional estate planning documents, such as living wills or powers of attorney, that give your ex-spouse decision-making power. In the unfortunate event that an intended heir predeceases you, you should update your will to reflect that as well.

However, it is not only negative changes in your family that may prompt you to update your will. The addition of a child to your family, whether through birth or adoption, is also a good reason to make a revision. 

A move to a new state

There are no national regulations that govern estate planning. Rather, it is up to each state to make its own rules. Therefore, the will that you draft in one state may not be valid if you choose to move to another. If you relocate to another jurisdiction, you should review the laws that apply there and revise or rewrite your will as necessary to bring it into compliance.

The information in this article is not intended as legal advice but provided for educational purposes only.

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