A will is likely the foundational element of your estate plan. When you created your estate plan, you probably put together a will before moving on to other documents.
According to the CDC Foundation, a will is a legal document that lets you designate how you want to divide your property among your beneficiaries after you die. While you can let your will remain as it is, there are times in life when you should consider reviewing and revising this estate planning document.
You got married or divorced
After you get married or get a divorce, look over your will to determine if it still reflects your wishes for property division. After you end your marriage, it is a good idea to look over your will, so your property does not end up inadvertently going to your former spouse.
You grew your family
A will gives you the opportunity to name a legal guardian for your children who would step in and care for them if you no longer could. If you grow your family by birth or adoption, update your will, so it reflects your wishes for guardianship.
Your financial situation changed
If you recently received a large inheritance or came into a large sum of money, consider updating your will. Doing so can help you plan for the tax implications of your new financial status.
Although major life changes and events should prompt you to look over your will, you should complete this activity on a regular basis. Plan on looking over your will about once a year to ensure it continues to reflect your wishes.