Buzz
Drafting a will is an emotionally and mentally demanding task. Not only does it bring you face-to-face with your own mortality, but it also forces you to make important choices about who will manage your financial and personal affairs once you're no longer around. It's a significant responsibility, but the peace of mind it provides after completion is invaluable.
Once you've finalized your will, it’s not something you can simply tuck away and forget about. Regular updates are necessary to ensure that it continues to align with your evolving personal circumstances and desires. But how often should you be revising it?
I reached out to Allison Kade, editorial director at Fabric, a life insurance provider offering free wills through its app, to find out how frequently you should be updating your will. According to her, the frequency of updates should be much higher than you might expect.
In brief, any change in your assets or family situation should prompt a review of your will. Some of these events include:
Marriage
Divorce
Childbirth
Death in the family
Making a major purchase or sale (such as a house or vehicle)
Changes in your debt situation (perhaps taking on or paying off a mortgage)
Starting or closing a business
A falling out with a family member or close friend previously named in your will
Even if none of these events have occurred, Kade recommends reviewing your will annually. She explained, 'Even if your life seems unchanged, take a moment. It might only take five minutes to glance through and confirm that nothing's altered.'
Kade mentioned that reviewing your will also provides a chance to reassess who you’ve named as your executor, beneficiary, or legal guardian. If a family member's health has significantly changed, you might want to reconsider their role in managing your estate. Similarly, if the person you’ve named as a guardian for your children has faced financial struggles recently, it may be wise to choose someone else to avoid overburdening them.
This doesn’t mean you need to completely overhaul everything. You can include contingencies in your will to appoint a backup in case the primary person you selected is unable to fulfill their role. 'If you forget to update your will, having that backup can make all the difference,' Kade said.
Making significant changes to your will usually means drafting an entirely new one. However, if the alterations are minimal or confined to just a small section, you might be able to add a codicil instead.
If you worked with a lawyer, inquire about the fees for updating your will. While a new will could cost you a flat fee ranging from $1,000 to $1,500, your lawyer may charge an hourly rate for simply updating an existing one.
Opting for the DIY approach? Some online will-making platforms charge a membership fee that lets you update your will at any time, while others allow updates for free. Just be sure to follow the provided instructions to ensure your will remains legally binding after any changes.
