When should I change my will?

After you write your will and store it in a safe place, you may be wondering: how often do I need to update it?

Estate attorneys recommend updating your will each time you experience a major life event. It’s a good rule of thumb to review your will every four to five years, even if you don’t think anything is different. This helps ensure your family stays protected and your final wishes are respected.

Update your will following these major life events:

You have a new child.

Whether you give birth or adopt, you’ll want to ensure that your child is provided for and has a legal guardian named in your will.

Your marital status changes.

A wedding, divorce, or the death of a spouse or partner are all reasons to update the beneficiaries in your will. (You may also want to update your durable financial power of attorney and medical power of attorney to make sure someone can make decisions on your behalf if you’re unable to.) It’s also worth noting that, unlike your children, any stepchildren you may have aren’t entitled to your property under the law. If you want to include them in your will, you can add them as beneficiaries.

You enjoy a financial windfall.

Sudden increases in your wealth are often a pleasant surprise. However, this may shift you into a higher tax bracket, creating estate tax considerations. You may also decide to change your beneficiaries, increase the gifts you’re making, or leave a legacy gift to charity. Many individuals also choose to create living trusts. This allows them to provide for their loved ones and avoid the expense and delay of probate.

You have financial setbacks.

There are instances where your wealth may decrease — for example, if you lose money in the stock market. As a result, you may decide to change your beneficiaries, or which assets you leave to them.

The laws change.

Laws related to taxes and estates can shift over time. This can sometimes make other estate planning strategies — like living trusts or transfer-on-death accounts — more attractive.

You move to a different state.

Estate laws vary from state to state. For example, the number of witnesses you need to make your will legally valid can vary across state lines. A valid will that you create in one state may be accepted in others. However, this isn’t always the case, and you can avoid legal pitfalls if you review your will with every state move.

Your health deteriorates.

If you’re diagnosed with a degenerative disease or terminal illness, it’s a good idea to review your will while you’re still feeling well. You may wish to change your will or give assets away now, so they’re not counted as part of your estate later.

You become a grandparent.

If you want to provide for grandchildren in your will, consider updating it each time your family has a new addition.

You change your mind about a beneficiary.

You may think a change of heart about leaving assets to an heir is something that only happens after a big fight. But people change their minds for lots of reasons, and not all of them are negative. For example, let’s say you intend to leave a large part of your estate to a disabled niece, but she no longer needs the financial help. Or maybe you’ve become involved in a charity and want to make sure it receives more support after you pass away.

How often should I review my will?

Estate attorneys recommend reviewing your will every three to five years. Even if you don’t think any changes need to be made, it’s a good idea to review it just in case.

During the hustle and bustle of everyday life, it’s easy to forget to update your will. Because of this, you may want to schedule a digital reminder for yourself. You could do this by creating an event in your digital calendar, using the ‘Reminders’ app on your phone, or scheduling an email to be sent to your future self. If you have a Gmail or Outlook account, you can schedule follow-up emails directly from your inbox.

If you aren’t a fan of digital reminders, consider combining your will review with an annual activity, like filing taxes, to help you remember.

How do I change my will, and what is a codicil?

A “codicil” is a supplemental document added to your will that includes small changes. For your codicil to be valid, you’ll need to sign it in front of witnesses, just like with your will.

Codicils may appear simpler and faster than rewriting your entire will. However, using a codicil creates the possibility of confusion and disputes. Codicils are less common because it’s become easier to create a new, updated will with online will-making sites. If you use FreeWill, you can make your will online for free, and update it for free at any time.

Once you create a new will, you should store it in a safe place and tell your loved ones where it is. Be sure to destroy your old will and any copies you made, and replace them with the new document. Estate attorneys recommend including a statement voiding your old will. Wills created using FreeWill automatically include this statement.