While every responsible adult should have a last will and testament in place to protect those they love and care about, unfortunately, many people will never get around to creating this important document. That is shame, since the lack of a will can greatly complicate the estate process for those left behind, resulting in large legal expenses, unnecessary financial hassles and even bitter family disputes. All of this can be avoided by simply taking the time to create a last will and testament. It may be an unpleasant task but it is an important one, one that every person should take the time to complete.
But it is not enough to simply create a last will and testament and forget about it. While having a will is certainly better than not having one, a will that is seriously out of date can create its own set of problems. If it has been awhile since you created this vital document it may be time to revisit your will and make sure the dictates it spells out are still in line with your true wishes.
If it has been some time since you first sat down to create your last will and testament now may be a good time to review the details of this document to see if any changes are warranted. Chances are good that something in your life has changed in the interim, and it is a good idea to reflect those changes with an updated will. Perhaps you bought or sold your home, acquired some new financial assets or celebrated the birth of a new baby. These changes mean that it may be time to update your will to reflect your wishes.
You may also want to revisit your last will and testament if you have experienced other significant life changing events, such as a marriage, a divorce or the birth of a child. All of these events can have a profound impact on how you want your assets to be distributed, and it is important that your will reflect those changes. If you fail to update your will those assets you worked so hard to protect in the divorce could end up in the hands of your ex-spouse, and chances are this is not in line with your wishes.
The good news is that updating an existing will is not as daunting a task as creating a last will and testament for the first time. The creation of a will can be a difficult and challenging task, but updating the existing document should be much easier. It is just a matter of thinking about your final wishes, making sure those wishes are reflected in your will and refilling this important document. With so much at stake it is a good idea to make an annual review of your will part of your yearly financial planning activities.