How often should I update my will?

There is no hard and fast rule for when to update a will. It’s my opinion, however, that every five years is a reasonable amount of time for an outside time limit for will updates.

So when should you update a will inside of five years? Here’s a good list of occasions to consider updating your will:

  1. marriage
  2. divorce
  3. childbirth
  4. adoption
  5. death of person named in your will
  6. health issues
  7. financial changes
  8. desire to add in new beneficiary
  9. remove existing beneficiary
  10. name new trustees or executors
  11. changes in laws pertaining to estate planning
  12. starting a new small business
  13. stopping a small business
  14. receiving an inheritance
  15. increase in income
  16. decrease in the Federal estate tax exemption