6 Times When You Should Update Your Will

“Perhaps they have become sick, or predeceased you,” says certified financial planner David Johnston, founder and managing partner of Amwell Ridge Wealth Management in Flemington, New Jersey. “Maybe they have developed a substance abuse problem, or wouldn’t be able to carry out your wishes due to their own disability,” he adds. All of these scenarios could merit updates to your will.

3. You move to a new state or country

More than 1.2 million older adults move across state lines each year, according to Census Bureau data. Furthermore, a growing number of baby boomers and retirees are choosing to become expats and live abroad. Proof: More than 760,000 Americans receive Social Security payments while living internationally, the U.S. State Department reports.

The reasons people age 50 and older relocate, domestically or internationally, often vary. Some individuals move for retirement and a lower cost of living; others seek a better climate, or to be closer to their kids and grandkids.

Staying within the U.S.? Even though your will would still be legally valid in a different state, estate laws can vary widely from state to state, Stafford says. That means a will created in your previous state may not lead to an optimal outcome based on your new state’s estate laws. So if you make a cross-state move, add updating your will to your to-do list.

“If you’re moving to another country, all bets are off,” Stafford says. “It’s time to start from scratch.” That’s because different legal jurisdictions, property ownership rules, executor authority, tax implications and family law variations between countries can render a U.S. will inadequate or unenforceable abroad. Redoing your will if you move to another country will ensure that your assets are distributed according to your wishes and in compliance with local laws, with minimal tax and legal complications.

4. Your assets increase

One of the most overlooked — but most important — parts of estate planning is identifying if those who will inherit your assets are financially mature enough to handle a windfall, Young says. “This should be a consideration no matter the size of the assets,” he says. “However, if there is a significant change or increase, there most definitely should be a review” of your will.

You may want to “add beneficiaries or reallocate the distribution of assets as a result of the increase,” Young adds.

5. You change your mind about something important

Just because you initially decided to leave certain assets to a person doesn’t mean that decision is etched in stone. You can change your mind about beneficiaries by updating your will.

Likewise, if the person you’ve chosen to be your executor or power of attorney is no longer your preferred candidate, that needs to be addressed as soon as possible by amending your will, says Stafford.

“The amendment itself would be relatively straightforward, but any amendment to a will — called a codicil — requires the same formality of execution when it comes to witnesses and/or notarization as the original will did,” Stafford advises. “So it’s important to work with your attorney to ensure that it’s done properly.”

6. You haven’t reviewed your will in years

Even if you’ve had no major life changes, “the rule of thumb is you should look over your will and estate plan every five years,” says Leo Chubinishvili, a certified financial planner at the wealth management firm Access Wealth in East Hanover, New Jersey.

As much as you might like to draw up a will once and then simply forget about it, experts caution against that. ”An estate plan is never a one-and-done activity,” says Stafford. “A well-drafted estate plan will be flexible and grow with you, but must still be revisited periodically to make sure it still accomplishes your goals,” he adds. “The only constant in life is change, and that goes for your estate plan as well.”