Your life isn’t stagnant. Why should your will be? After all, a Last Will and Testament is really a reflection of the life you lead — the things you own, the people love you, and the place you call home. But a life well lived is a life of change.
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How long has it been since you last executed or updated your will? Five years? Fifteen? More? How different does your world look today than it did back then?
Some of the top reasons for updating a will in Massachusetts include:
- Changes in family — Have some of your beneficiaries passed away? Are there new children, grandchildren, or spouses in the picture? Little kids who’ve since grown into full adults? Maybe you’d like to add new nieces, nephews, or in-laws. Or modify your choices for Personal Representative?
- Changes in assets — Some assets are best addressed with specificity, including many bank accounts, insurance policies, benefit packages, pension plans, and corporate assets. Internet passwords and other modern-day IT considerations are important too. If your estate is significantly bigger, smaller, or otherwise different today, it’s probably time for an updated will.
- New tax rules & regulations — Tax strategy is a critical part of estate planning. But as The New York Times recently pointed out, new tax laws can change the calculus.
Even without major changes in your life, it’s a good idea to check in on your estate plan every few years just to make sure there aren’t any gaps. (And remember to always meet with a local lawyer any time you move to a different state!)
Modifying an estate plan is easy with professional guidance. If you’re in Massachusetts and would like to give your Last Will and Testament a second glance, feel free to give me a call.