Financial Advisors & Planners Perth I Westmount Financial I Rick Maggi

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How often should you review your Will?

Rick Maggi

It's generally recommended that you review your will periodically and after significant life events. While there's no fixed rule for how often you should review your will, here are some guidelines to consider:

  1. Life Changes: Review your will whenever there's a major life change, such as getting married, divorced, having children, or experiencing the death of a beneficiary or executor.

  2. Financial Changes: If your financial situation changes significantly, such as acquiring new assets, selling properties, or experiencing a change in your overall net worth, it might be a good time to review your will.

  3. Relocation: If you move to a new state or country, it's important to review your will to ensure it complies with the laws of your new jurisdiction.

  4. Changes in Beneficiaries: If you want to add or remove beneficiaries from your will, you should review and update it accordingly.

  5. Executor or Guardian Changes: If the individuals you initially appointed as executors or guardians are no longer suitable or willing to fulfill those roles, you should update your will to reflect your current preferences.

  6. Time Intervals: Even if there are no major life changes, it's still a good idea to review your will every few years to make sure it accurately reflects your wishes.

  7. Tax Law Changes: Changes in tax laws could impact the distribution of your estate. Regularly reviewing your will can help ensure that your estate planning remains tax-efficient.

  8. Health Changes: If you or your beneficiaries experience health changes that might impact your estate planning decisions, it's important to update your will to reflect these considerations.

Remember that the laws and regulations related to wills can vary based on your state. It's a good idea to consult with a lawyer who specializes in estate planning to ensure that your will is up to date and legally valid. Additionally, keep your loved ones informed about the location of your will and any updates you make to it, so they can follow your wishes effectively when the time comes.

Rick Maggi