Published March 1, 2022, by CNBC
There are some obvious triggers that might prompt you to update your will, such as changes in health or marital status. There are, however, also some not-so-obvious ones to be aware of, according to financial planners and attorneys.
“Your will should be updated when your personal circumstances change, which could happen at any time,” said certified financial planner Philip Herzberg, lead financial advisor with Team Hewins in Miami. “Your will is like your house: If properly maintained, [it] will last a very long time.
“Similarly, if properly updated, your will can also have a greater longevity,” he added.
Some frequent triggers, Herzberg said, include changes in health, including that of executors and guardians; changes in laws, which may impact tax and legal strategies; and changes in state residence, which can also impact planning.