How Often Should You Revise Your Last Will and Testament?

Making a will is one thing, but knowing when to revisit it is another thing altogether. When a person makes decisions about their property and assets, as well as how their estate will be distributed amongst their beneficiaries, they record such wishes in a document called a last will and testament. Though estate planning is essential, it is only effective if the document’s provisions reflect the person’s current intentions, wishes, and family circumstances. This is why it is essential to revise a will periodically, especially when significant life changes take place. If you need legal guidance in revising your will, contact an estate attorney to understand how you can make the proper adjustments to your will.

Here is What You Need to Know About Revising Your Will

There is no set schedule for updating a will, as life events affect each individual differently and have varying impacts, making each case unique. For example, life events such as divorce, property acquisition, blending families, or a significant death in the family may demand revisions to the existing will. Court decisions involving divorce, child adoption, and any other lawful directives can altogether change the dynamics of a will. Your beneficiary roles must be thoroughly updated as you see fit.

A will should receive a thorough review and update whenever life events happen, such as getting married, becoming a grandparent, buying property, disbursing assets, or inheriting property, as these events trigger the need for an updated will. 

Reviewing and updating your will every two or three years is advisable to ensure the document is up-to-date and reflects changes in the relevant estate laws that impact you or your dependents’ estate. This adjustment may also be necessary when unexpected changes potentially affect the value of your estate or beneficiaries change circumstances such that they can no longer serve as beneficiaries. 

Contact an Illinois Estate Planning Lawyer

In the end, it is important to remember that you can never revise your last will and testament too often, but you can revise it too little! Making any changes to a will can get daunting quickly. One way to avoid the pressure of updating your will is to hire a seasoned estate planning attorney who can provide guidance and insight, making it easier for you to make well-informed decisions. For help revising a will, contact the qualified Naperville estate planning lawyer with [[title]]. Call 630-756-1160 for a private consultation.