How often should you update your will?
There is no hard and fast rule for when to update a will. It’s my opinion, however, that every five years is a good rule of thumb for an outside time limit for will updates.
So when should you update a will inside of five years? Here’s a good list of occasions to consider updating your will:
- marriage
- divorce
- childbirth
- adoption
- death of person named in your will
- health issues
- financial changes
- desire to add in new beneficiary
- remove existing beneficiary
- name new trustees or executors
- changes in laws pertaining to estate planning
- starting a new small business
- stopping a small business
- receiving an inheritance
- increase in income
- decrease in the Federal estate tax exemption
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Law Office of James Ryland Miller, PLLC
Mailing Address:
1098 Ann Arbor Rd W #377
Plymouth, MI 48170
Mr. Miller is physically located in Plymouth MI and
meets with clients in Arlington TX by appointment
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