How often should you update your will?

Your will is one of the most important documents you’ll ever create. It sets out who receives what you own, and it speaks for you at a point when you can’t.

But it’s not a set-and-forget document. As family dynamics shift, relationships evolve, and financial situations change, your final wishes are likely to change too.

So how often should you update your will? There’s no single answer, because it depends on your circumstances. A good rule of thumb is to look at it once a year, and any time something significant happens.

Life events that should prompt a review

Major asset purchases. You buy real estate or acquire other significant assets.

• Inheritance. You receive an inheritance that meaningfully changes your financial situation.

• New family members. A child, grandchild, or other family member arrives and you want to include them.

• Death of a beneficiary. Someone named in your will passes away.

• Relationship changes. You grow closer to someone you’d like to include, or more distant from someone already named.

• Engagement or marriage. Marrying can change who is entitled to what, and in a small number of states it revokes an earlier will.

• Separation or divorce. In most states a divorce automatically cancels any gift to your ex-spouse, though a separation usually changes nothing at all. Either way, it is worth a look.

• Changes to beneficiary designations. It’s also worth reviewing the beneficiary designations on your retirement accounts and life insurance policies at the same time, as these pass outside your will and need to be kept current separately.

The annual planning date

One way to keep a will current is to book a standing appointment with yourself. Once a year, sit down and read your will as though something were to happen tomorrow. Are you still happy with who receives what? Is everyone named still the right person?

Pinning it to something you already do makes it easier to remember. Tax season works well for a lot of people, since the paperwork is already out.

Updating your will

Updating your will doesn’t have to be complicated or expensive. EveryWill lets you revise your will as often as you like. For a more complicated situation, an attorney licensed in your state can help you get the wording right.

Taking the next step

You can write or update your will online with EveryWill, and it costs you nothing. Charities cover the cost, and you can choose to leave a gift to one if it feels right.

The information provided in this article is for general informational purposes only and does not constitute legal advice. Laws vary by state. For advice specific to your situation, please consult a licensed attorney in your state.