Do you have a will - Part 2
Continuing on last Friday's blog about the importance of having a will, let's look at the importance of reviewing it periodically. Once a will is created and properly executed, most people tuck it away and never look at it again. But this can be a big mistake.
A will should be reviewed every few years. Take it out of the drawer and reread it - are you still happy with all the provisions: the executor you chose, the guardian you nominated (if applicable), the manner in which your assets are disseminated? Have you updated it as your life has changed? For example I once asked a client to dig out his will, at which point he discovered his parents - not his wife - were still the beneficiaries of his estate. When the client got married he had forgotten to update his will!
If you want to change any of the provisions an attorney can amend your will by executing a codicil. Alternately you can create a whole new will to supersede the old one.
It's a good idea to have an estate planning attorney periodically review the will in case it should be reworded to comply with any new state or federal laws. Also if you change your state of residence have your will (and all your estate planning documents) reviewed by an estate planning in your new state. This is a very common oversight.
