| When it comes to a will or estate plan, don't just set it and forget it. You need to keep them updated | | |  | WED, DEC 08, 2021 | | | | Having a will is one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children and assets, it can also spell out exactly how you would like things handled after you have passed on.
If you have already prepared a will, good for you because you are ahead of the game.
While many people think that drawing up a will is a one-time task, this isn't how estate-planning tools should be used. Life is unpredictable and that means relationships and preferences can change over time. If your will was written a few years ago, it is crucial to review this and other estate-planning documents and make sure the contents still reflect your wishes.
So, now the question is: How often should you review/update your will?
A good rule of thumb is to review important legal documents (including your will) every three to five years. A will review is also recommended in the following scenarios:
• Upon the birth or adoption of a child, grandchild or other family member.
• Following a marriage or divorce.
• When someone named in your will passes away.
• When children, grandchildren or other heirs reach adulthood.
• Upon changes in your executor, guardian, and/or trustee's circumstances.
• When the value of your estate significantly increases or decreases.
• Upon starting a business.
• Following changes in tax laws.
You may also ask yourself these questions: Is anyone missing from the document? Is someone listed who shouldn't be any longer? How do you feel about the way your assets are to be divided?
For more cool stuff like this, check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. | | The volatility is the point | | "The quickest way to out yourself as an amateur investor is to post comments online mocking others for being in a stock, sector or asset class that's undergoing turbulence ..." | | | |
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