Creating a will can bring peace of mind because it allows you to put important decisions in writing. Over time, however, the document you signed may no longer reflect the people or priorities that matter most to you.
If you already have a will, knowing when to review it can help you avoid unintended consequences. Certain life events often signal that your estate plan deserves a closer look.
Life changes that often signal the need for a review
A will can become outdated gradually, even when no major event occurs. For that reason, most people review the document every three to five years. However, several developments may warrant a review before that time. Some of these circumstances include:
- There are changes in your family structure: Marriage, divorce or the birth or adoption of a child can alter who you want to inherit your property or serve in important roles.
- You experienced a major change in your finances: Purchasing real estate, selling valuable property or receiving a substantial inheritance may change the makeup of your estate.
- A person named in your document is no longer available: An executor, guardian or beneficiary could pass away or become unable to serve. Replacing that individual can help prevent uncertainty when the document is eventually used.
- You moved to a different state: A relocation often creates a reason to confirm that your will works as intended under the laws of your new state.
- Your current instructions no longer match your wishes: If your preferences have shifted since you signed the document, your estate plan should generally reflect those changes.
Not every review leads to a completely new will. In some situations, a few revisions may be enough to reflect developments in your life. For limited updates, Georgia law recognizes the use of a codicil. It is a formal amendment that can update specific parts of an existing will while leaving the remainder in place.
Keeping your estate plan aligned with your goals
An outdated estate plan may create uncertainty for your loved ones. Reviewing your documents periodically can help ensure that the directions they rely on remain up to date. When changes are needed, it is important to make them properly so the document continues to function as intended.
Obtaining legal guidance can be helpful when evaluating potential revisions. A careful review can identify outdated provisions and help ensure your wishes remain accurately documented.