When Was the Last Time You Reviewed Your Last Will and Testament?
As the holidays come to an end and 2013 begins, you are likely spending time reflecting on the events of last year.
Perhaps you have a new grandchild, son-in-law, or spouse. Perhaps you had a death in the family. As you reminisce on 2012, you should consider updating your will to reflect changes in your life.
While there are no laws governing when you should update your will, you should always review and amend your will when major life events occur. Failure to do so could create problems for your loved ones when you pass away. While you should always review your will periodically, the following major life events should trigger a review:
- Death of a spouse/life partner
- Births or Adoptions
- Changes in the needs of children or beneficiaries
- Significant change in value of assets
- Death or disability of a beneficiary
- Relocation to another state/country
- Purchase of a new home
While these major life changes should trigger an amendment, you should also consider some other more subtle changes.
- Have you changed lawyers in the past year?
- Will your assets be affected by new tax legislation (such as the recent fiscal cliff deal)
Sorting through your will can be difficult and confusing. Be sure to speak with your attorney to determine if your will needs to be amended or rewritten altogether and also remember to talk your broker at TMIB to determine whether your current insurance policies continue to meet your needs.
Please contact us at 800-775-8642 with any questions or concerns you may have. Happy New Year from TMIB!