One of the biggest problems in estate planning and probate involves outdated wills. Unfortunately, it’s not uncommon for Illinois residents to either forget to update their wills, or to assume that they don’t need to make formal changes to the documents.
Here are three circumstances in which you should update your will:
Having a child
Most people make their first will when they have their first child, as it causes them to think about their legacy. However, it’s important to update your will when you have another child. Any time you add a member to your family, it’s important to update your will.
If you’re considering divorce
While no one goes into a marriage planning for a divorce, things do happen. If you’re considering divorce, you should update your will quickly. Executing an updated will before the divorce goes final will ensure that your estranged spouse doesn’t get your money if you pass away before the divorce is final.
Your executor or beneficiaries die
If the person you ask to handle your will after your passing dies before you, you must update your will. Additionally, if any of the people to who you plan on leaving assets to die, you should update your will to name who will get those assets instead. One of the most important parts of estate planning involves contingency plans, so naming replacement beneficiaries and executors is crucial.
Updating your will not only allows you to experience greater peace of mind, but it also benefits your loved ones. The probate process can take months or even years to navigate if a will becomes outdated. Try to review your will annually to ensure everything is current.