On May 10, 2015

Once you have a will in place, updating it periodically can be important to ensuring that your will reflects your current wishes regarding your estate. While you can revisit your will every so often, it’s also important to update it when certain circumstances arise. Below is an overview of when it’s generally a good idea to update a will.

Here’s When You Should Update Your Will

  • An experienced Denver will attorney explains when it’s important to update a will. Contact us for help with any estate planning matters.

    An experienced Denver will attorney explains when it’s important to update a will. Contact us for help with any estate planning matters.

    When state laws change – State laws regarding wills can change and be updated, and this can mean that you may need to make changes to your will (and other estate planning documents). Similarly, if you move to a new state, updating your will is important, as different states have different requirements regarding wills.

  • When there is a change in personal relationships – After a marriage, divorce or some other significant change in a personal relationship (maybe even like a falling out with a loved one), updating a will is again crucial, as it will allow you to reflect the change in relationship in your estate plan (by including a new party, disinheriting a party, etc.).
  • When someone new joins the family – After a birth, adoption and/or marriage, it’s again essential to update a will to include the new family members (to the extent you want to).
  • When a named beneficiary passes away – Over time, people named in your will as beneficiaries may pass away. Should this occur, updating your will to exclude the decedent(s)/plan for the named asset(s) will again be important.
  • When there is a significant increase/decrease in the value of the estate – Just as relationships change, so do estates, as it’s quite common for estates to grow (or reduce) in size over time. When substantial changes to the estate occur (such as when you purchase new property, sell property, etc.), it will again be crucial to update the will to reflect the current status of the estate.
  • When your health takes a turn for the worse – Financial considerations and personal relationships are not the only triggers for updating a will. If your health starts to deteriorate (because, for instance, you are diagnosed with a serious condition), this can constitute another important time to update your will, as you may want to change (or add) provisions regarding medical powers of attorney, etc. 
  • Every 3 to 5 years – If your relationships and estate stay relatively intact after creating your will, then it’s a smart idea to plan to periodically revisit and review your will, with this ideally occurring every few years (but no longer than 5 years). Revisiting your will regularly can help you make changes to reflect your current wishes.

Denver Will Attorney at JR Phillips & Associates, PC

When you are ready to develop or update your will – or to move forward with any estate planning matter, you can turn to an experienced Denver will attorney at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

To discuss your options during an initial consultation, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Estate Planning