Why you should update your will in 2022
Wills are a powerful estate planning tool for many South Carolina residents. They tell people what you want to happen to your belongings after you die and in a lot of cases, can ease the burden on your loved ones.
However, this is only true if you remember to update your will. An outdated will can cause a lot of confusion and heartache for residents, sometimes even more so than not having a will at all.
Why should wills be updated?
Some people mistakenly think that writing a will is a one-and-done process. In reality, wills should be updated every year or with each new life event.
Life events happen more often than we realize in the form of new children or grandchildren as well as divorces and marriages. Gaining major assets or losing property can also necessitate updating a will, especially if that asset or property is named in the will.
When wills aren’t updated, there are chances for family members to be left out or for ex-spouses to be included when they shouldn’t be. The process of figuring out an outdated will can be long and tedious, not to mention expensive for the surviving family members.
What is needed to update a will?
Wills can be updated with very minimal effort. All a person would need is the current version as well as a list of all their family members and assets, so they can easily compare and make changes where needed.
There are many reasons that you might want to change your will, such as falling out with relatives or dramatic divorces. However, most of the time you will just want to make sure everything is in order and all family members are fairly represented and all information is accurate – which is why it’s important to conduct annual reviews.