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3 different ways to update your will

Just because you have composed and signed your will does not mean you will never look at the document again. In fact, you may need to review your will at different points in the future. This is because life can bring many changes, perhaps even major ones that you should address in your will.

If you are new to estate planning, you might wonder what you would have to change in your will in future years. Kiplinger gives some common examples of information that you might update after some time has passed.

Your choice of executor

When you wrote your will, you probably named someone to be the executor of your estate. After some years have passed, it is possible your executor candidate will no longer want the position, or has moved away, or has suffered a disability and is not capable of taking on the role. If so, you might consider naming a different executor candidate.

Even if your original choice is still healthy and willing to serve, you may benefit by naming successor candidates if you did not do so. In the event your candidate cannot serve and you cannot change your will, you will have backup candidates ready to step in and administer your estate.

Your beneficiaries

The progression of time will probably add new members to your family who you believe should be in your will. Common examples include children and grandchildren. Additionally, other family members you have listed in the will may die before you do. People in this situation add or subtract beneficiaries from a will as needed.

Your personal wealth

Your financial situation may end up changing thanks to a large inheritance or finding a higher-paying job. If this should happen, you might want to put some of your newfound wealth aside for your heirs in your will. Similarly, you may acquire property or other assets that you want your children or other beneficiaries to have following your death. These are all matters you may someday address in your will.

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