When it comes to a will or estate plan, don't just set it and forget it

When it comes to a will or estate plan, don't just set it and forget it  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, MAR 02, 2022 YOUR WEALTH Editor's Note Your will may be the most important document you'll ever create. Many people, however, either didn't get or read the memo. It's shocking, but about 68% of Americans do not even have a will. So, if you do have will or some sort of estate plan, kudos to you, because you are way ahead of many others when it comes to planning. But please don't get too full of yourself and start to pat yourself on the back. Here's why: After many of us draft that all-important will, we put it somewhere for safekeeping and don't look at it again. Setting it and forgetting it is a big mistake. Life changes and financial changes should prompt people to review their wills to make sure the documents are still consistent with their current life situations and also align with their wishes after their death. Here are some life changes that should push you to update your will: You've moved to another city/state. You bought a second home. A charitable relationship you have has changed. Your financial situation or the value of your assets have changed. One of your children has now become your primary caregiver. A beneficiary listed in your will has died. You have new grandchildren that were not in the original will. Even without any significant life changes, it's advisable to review your will every five years or so, ensuring your current wishes are reflected. It's also a good idea to check for any recent changes to the law that may affect your will. As for those without a will, what exactly are you waiting for? If you die without leaving a valid will, it means you die intestate. If that happens, you'll leave your family with no personal instructions. They'll have to go through a probate process to work out who owns what or who has to take care of your estate's liabilities. It's long and costly, which is not something any family wants to deal with after a death. For more stuff like this, be sure to visit CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia Money Editor @JIMPAVIA When it comes to a will or estate plan, don't just set it and forget it Health issues and remarriage might prompt you to update your will, but be aware of other life changes that require a review of your estate plan, say experts. Did you panic sell during this week's market volatility? Here's when to get back into the stock market You're not alone if you panic sold during this week's stock market volatility and you're feeling regret. Here's when to get back in, experts say. Russia-Ukraine crisis: How to avoid fundraising scams People around the world want to donate to Ukraine relief efforts, which creates an opportunity for cybercriminals. Single vs. head of household: How it affects your tax return If you're confusing the single and head of household filing statuses, you may be leaving tax breaks on the table. Here's what to know for your 2021 return. Here are 3 ways to make the most out of your tax refund A tax refund offers a rare opportunity to improve your financial standing. Here's how to put that money to good use. Here's how U.S. investors may have exposure to Russian stocks Everyday investors may unknowingly have money in Russian stocks. But it's unlikely many have a big allocation. Late-enrollment fees hit some Medicare beneficiaries. A congressional bill would warn people of those charges before they happen Fewer individuals are automatically being enrolled in Medicare at age 65, which can result in costly mistakes when signing up. Should you consider a Roth IRA conversion when the market drops? Here's what experts say Converting retirement savings from pretax to a Roth IRA may be less costly during stock market dips. Here's what to know before making this move. The average mortgage holder has a record $185,000 in equity. What to know if you're tempted to borrow from that Rising home prices have boosted the stake owners have in their homes. Here's what to consider before you borrow with interest rates poised to rise. If you're nearing retirement, be sure you're managing this big risk Research shows the long-term damage done to a nest egg when new retirees sell their investments in a down market. Here are ways to avoid that risk. CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS

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