Will Maintenance: After Your Will Is Written
Once you’ve made a will, don’t put it away and forget about it. Review the document from time to time to make sure that changes in your life will not affect the terms of your will.
What You Should Know
You may need to modify your will if:
- You marry, divorce, separate from your spouse, remarry, or are widowed.
- Any of your beneficiaries die.
- There are any additions to your family or the families of your heirs.
- Your executor dies or moves to a different state.
- You move to a different state. Your will should conform to the laws of the state in which you have your legal home.
- You think changes in federal or state laws might affect your will.
- Your assets increase or diminish. If you want to give a specific amount of money to a beneficiary, you must be sure that there will be enough money to cover the bequest. To avoid coming up short, you may want to calculate any bequests as percentages of your total estate.
- You change your mind about any of your beneficiaries.
Storing Your Will
Let someone know where you are keeping your original will. If the original can’t be found after you die, the court may decide that you destroyed it. Do not put the original copy of your will in a safe deposit box. Some states require that a safe deposit box be sealed at the renter’s death. You should keep a copy of your will in the safe deposit box, however.