Will writing is something many individuals put off seemingly forever. Indeed, according to reporting from CNBC, almost 70% of Americans have no estate plan at all. If you have already finalized one, though, you must be sure you regularly review and update the document.
It is common for estate planners to revisit their wills when there are changes to their families. Now that you are older, you do not have to worry about updating your will for a new child. Nevertheless, it makes a great deal of sense to update your will after welcoming a new grandchild into your family.
Does your will include all your beneficiaries?
Writing a will gives you control over what happens to your assets. It also should minimize future disputes between family members or other beneficiaries. Consequently, to remove all doubts about your intentions, your will should include everyone you want to inherit your wealth.
Is your will still current?
Reviewing your will when you have a new grandchild also gives you an opportunity to ensure the document is still current. That is, when you are adding your new grandson or granddaughter to your will, you can closely read all of the will’s provisions. If something is no longer accurate, you probably need to make some revisions.
Even if you have a comprehensive will, updating the document is not likely to take nearly as much time or effort as drafting it. Ultimately, once you are done, you can enjoy being a grandparent with renewed peace of mind.