When
was the last time you read your will? Is it still relevant? Are there changes
that really should be made?
After
completing a will, most people put it in a safety deposit box and don't
bother looking at it again. This is a mistake because wills should be reviewed
periodically, especially if there have been significant changes in your
life such as…
marriage (because your will is revoked when you are married),
divorce
(because it revokes a gift to the former spouse, and in many cases that
is most of the will),
the
birth of a child (because you'll want to deal with guardianship, support
etc…),
the
majority of a child (because you won't have to deal with guardianship, may
want to do something about support, specific bequests),
a
major acquisition or disposition of property,
the
death of a spouse or other family member mentioned in the will, and
executor
dies or reaches a state of physically or mental disability.
Never attempt to revise your own will by scratching out or marking up existing
clauses. When making alterations to your will, taking the time to follow
the legal formalities will ensure that your will remains valid, up-to-date
and that your estate is dispersed according to your wishes.
