Some of the most obvious reasons for updating your last will and testament concern you and your circumstances more than they concern your loved ones. There are dozens of possibilities, many of which I mention in a 3-page guide available at no cost. For now, here are 8 poignant reasons that may apply to you:
1) Purchase or Sale of Real Estate — You’ve bought or sold real estate—maybe a primary residence, timeshare, cabin, or hunting land—but the real estate is titled in your name and therefore will end up in your probate estate. Your current estate plan says little about how your heirs should manage the property and pay for related expenses. Update your will (or better, form an LLC) to ensure that you provide the guidance and resources they need to make the most of your investment.
2) New Disability or Illness — If you’ve been diagnosed with a serious degenerative disease or other illness, your new priorities and personal needs will need to be reflected in your plan.
3) Birth of a Child or Grandchild — Does your will, trust, or power of attorney nominate a guardian or trustee? If so, is this person still your best choice and top preference? Don’t hesitate to amend your documents so that you can answer “yes.” Oftentimes, this process is easy, fast, and affordable.
4) Change in Religious, Moral, or Charitable Priorities — Life after 40 can usher in new priorities and philanthropic interests which can trigger the need for updates. Your last will needs to reflect you as you are today, not as you were yesterday.
5) Emotional Growth or Regret Over Past Decisions — Speaking of new priorities, growing older often means growing up and sometimes giving a second thought to old attitudes. Maybe you judged someone in your life too harshly or healed a broken relationship. If so, it may be time for an estate plan refresh.
6) Newly Married, Remarried, Legally Separated, or Divorced — All of these are common, but estate planning instruments like wills and trusts do not update themselves to reflect your new state in life. In truth, your wishes and preferences will probably not be fully reflected in your old will or trust following a new marriage, legal separation, or divorce.
7) Desire to Simplify, Avoid Probate, Increase Privacy — Simple plans look better and better over time, as does avoiding needless expenses. Maybe you have a probate-driven plan (wills are designed for probate, by the way) and you want your estate to avoid probate. Or maybe you just want to keep your final affairs simple and private. Revising a will or writing a living trust can be the way to go.
8) Traveling or Living Abroad — Do you plan to spend months living or traveling abroad? Unsurprisingly, foreign travel can present special challenges for managing your personal and financial affairs, both during life and following incapacity or death. Does your current will take account of these challenges?
Next Tuesday, I will address a final category of reasons for updating your last will, namely, changes in the law.
There are many other common reasons to update to your will or other estate planning documents. If you are interested in perusing a more thorough list, download my guide, “Client-Centered Reasons to Update Your Estate Plan.”
Questions or concerns? Would you like to explore your options without committing? Here are several no-obligation ways to get started:
- Book a Zoom consultation (evenings and weekends are fine)
- Send e-mail to Tyson@CainEstateLaw.com
- Call 715-301-0055
Disclaimer: This post is for educational purposes only and does not create an attorney-client relationship. Always consult a qualified estate planning attorney about your specific situation.
The Testamentary Writ 
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