The Gift of Security: Why February is The Best Time to Update Your Will

Estate planning is a continuous process that requires updating to reflect the current state of one’s financial affairs. As part of estate planning, there is no better time to update your will than in February. Why February? February offers sufficient time to evaluate changes that might have occurred over the holiday period or at the end of last year.

Reasons to update your will

Updating your will should not be underestimated, particularly in ensuring the security of those you hold dear. The will is a legally enforceable document that details your wishes concerning the distribution of your property upon your demise. An outdated will may lead to discrepancies and potential conflicts among beneficiaries. Here are some reasons for updating your will:

Life events

Major life events, such as the birth of a child, the death of a loved one, marriage, divorce, or significant financial changes, can significantly impact the outcome for heirs.

Tax laws

Tax laws change periodically, which might impact your estate and its division. Reviewing your will and other estate planning documents periodically with a legal professional who stays updated on these changes is vital. They can advise on the changes to help prevent beneficiaries from paying unnecessary taxes.

Updating assets

Aligning your current financial assets with your will helps ensure that your wealth transfer strategy remains relevant. Review the listed assets and add any missing ones or remove liquidated ones.

Relationship changes

Any changes in your relationship with your heirs, executors, trustees, or guardians named in your will require prompt updating. If you experience a falling out with any of these individuals, or if they pass away, move away, or become incapable of performing their roles, the will must reflect these changes.

Moving to a new state or country

Another reason to update a will is moving to a different state or country. Other jurisdictions may have different laws regarding estate planning, wills, trusts, taxes, and probate. Therefore, reviewing and updating your will to ensure it complies with your new residence’s laws is vital.

Age changes you

Your perspective and preferences may change as you age. What seemed like a good decision at a younger age may not seem like a good decision as you age. Revisiting your will enables you to ensure that it accurately reflects your current wishes.

Remember, estate planning is not a one-time event but a continuous process. Because life is ever-changing, your will must reflect on these changes to help ensure effective execution.

SWG4171698-0124 f This information is provided as general information and is not intended to be specific financial guidance.  Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

GAL Financial prides themselves in our ability  to make life-changing financial decisions with our clients. We specialize in empowering people, especially women.  We teach them what they need to know to feel great about the decisions they make. Contact us today to make your first empowering decision.