When to Write or Update Your Will: The Key Life Moments You Can’t Overlook

Published: December 28, 2024 This Article was Written by: Steve - Plan This Way   will writing

Thinking about your will can feel uncomfortable or even morbid. But like any big decision in life, timing matters—and ignoring it can lead to real consequences down the road.

Whether you’re just building your nest egg or juggling major responsibilities like parenting or entrepreneurship, there are critical moments when writing or updating your will isn’t just smart—it’s essential. In this article, we’ll explore those key life milestones and explain why acting sooner rather than later can protect both your loved ones and your peace of mind.

Initial Creation of a Will

It’s generally wise to consider drafting a will as soon as you reach a stage in life where you have meaningful assets, dependents, or specific wishes you want honored after your passing. Some key life events that often prompt individuals to write their first will include:

• Accumulating Assets – Once you have any kind of property, savings, or investments—be it a home, a car, a retirement account, or even prized personal possessions—you have something tangible to pass along. Having a will ensures that your belongings and funds are distributed according to your wishes, rather than defaulting to state intestacy laws.
• Marriage or Long-Term Partnership – Marriage often represents the blending of financial responsibilities and assets. Drafting a will shortly after marriage clarifies your intentions about what should happen to your shared and personal assets should one partner pass away. Similarly, if you are in a long-term committed relationship without legal marriage, a will can ensure that your partner is recognized and cared for.
• Becoming a Parent or Guardian – When children enter the picture, creating or updating your will becomes especially important. A will can name guardians for your children, ensuring that, if something happens to you, the right person—someone you trust—will care for them. It can also help safeguard their financial future by setting aside funds or establishing trusts.
• Significant Career and Financial Changes – Changes such as receiving a large inheritance, starting a lucrative business, selling substantial assets, or experiencing a windfall could mean it’s time to create or review your will. Ensuring your new financial standing is accurately reflected in your estate plan helps avoid confusion and unintended consequences later.

Periodic Reviews of Your Will

Even once a will is in place, it’s not something you should create and then forget about. Life circumstances change, and your estate plan should keep pace. Consider reviewing and potentially updating your will:

• Every 3–5 Years – A routine check-in can help confirm that your will still reflects your current wishes and situation.
• Major Family Events – Births, adoptions, marriages, divorces, or deaths in the family may all necessitate updates. For instance, if you’ve welcomed new children or grandchildren, you may wish to include them. Conversely, if someone named as a beneficiary or executor passes away, your plan should be adjusted accordingly.
• Significant Changes in Law or Tax Codes – Estate planning laws evolve, and tax codes may shift. When major legislative changes occur, consulting with an estate attorney and reviewing your will helps ensure that you’re taking advantage of current laws and minimizing tax burdens.
• Adjustments in Your Assets or Goals – If you sell substantial property, acquire a business, move to a different state or country, or simply change your mind about how you want your assets distributed, it’s time to revisit your will.

There’s no one-size-fits-all age or date by which someone must create a will. Instead, it’s about your life stage, the complexity of your assets, and your personal wishes for how those assets and responsibilities are handled after your death. Ideally, you’ll first create a will once you start accumulating meaningful assets or family responsibilities, and you’ll then reexamine it periodically—or whenever a significant life event occurs—to ensure it still aligns with your current reality and desires.