Is it Time to Change Your Will?

Revise your written will as your life changes.

NEA Member Benefits

How long has it been since you updated your will? A year? Five years? Ten years? It’s probably time to make sure that your written will conforms to your changes in life.

Your life changes. How long has it been since you updated your will? A year? Five years? Ten years? If you want to make sure all of your current wishes are abided by, be sure to update your written will accordingly.

Here are some situations that might prompt you to make adjustments:

You get married: In most instances, your spouse is legally entitled to a fixed portion of your estate after you die unless you state otherwise in your will. Depending on where you live, the amount may be as much as 50% of what you own. If you would like to leave your spouse more or less, be sure to revise your will.

You get divorced: In some states, a divorce has no impact on any gift made in your will to your former spouse. So your ex-spouse could still inherit what you originally intended for him or her. Some states revoke the will altogether. No matter what state you live in, you should make it priority to change your will after a divorce.

You have a new baby: It is particularly important to update your will when you have a new baby. Your little one will need a legal and responsible guardian in the event you and your spouse or other parent die.

You have new stepchildren: Unless you legally adopt stepchildren, they have no right to inherit from you. If you want to leave them a share of your estate or something special, be sure to revise your will to include them.

You move out of state: Because laws vary from state to state, you’ll want to revise your will, if necessary, to make sure your chosen beneficiaries still receive the property or gifts you intend for them.

You change your mind: If you change your mind about a person you want to inherit your property or receive a designated gift and do not act on it, that individual can still benefit from your estate. Be sure to change your will if you have a change of heart.

If you’ve experienced any of these changes, you should consider changing your will. Then, keep it current as you go through other significant changes in life.

This article, and hundreds more, can be found on the NEA Member Benefits Web Site in the “Member Library” section at www.neamb.com/consumer_articles.jsp.