What did your life look like six years ago?
It was the summer of 2020, in the midst of the COVID-19 pandemic. You might have been working from home, spending a lot of time outside, or learning how to place a grocery delivery order. You may have also used that time to create a will. Way to go! You weren’t alone.
According to a 2021 Caring.com survey, nearly 1 in 2 younger adults were prompted by the pandemic to engage in estate planning. More than a third of those in middle age and 28% of older adults did the same.
What do these past events have to do with the present? If you created a will in 2020 or 2021, consider this your reminder to update it. (And if you haven’t yet created one, now is a great time to start!)
A will isn’t a once-and-done document. Estate planning experts recommend revisiting it at least every five years and making adjustments as necessary. There are other reasons you may need to make an update, including:
- A change in your marital status
- The addition of a child or grandchild through birth or adoption
- A move to a different state or country (laws may be different in your new location)
- A change to your financial situation
- Updates to state and federal estate tax laws (this happens more often than you think)
- You’ve changed your mind about something (a guardian, executor, beneficiary, etc.)
As your life has changed, your thoughts on the legacy you want to leave for your loved ones might have too. Here are some important questions to consider as you update your will:
- What do I most want to be remembered for?
- What beliefs do I want to pass on to the next generation?
- Does my will reflect my love for the causes and organizations close to my heart?
Including a gift in your will is a meaningful way to demonstrate what’s important to you, and it impacts the work we do for years to come.
Your life likely looks different than it did six years ago. It’s time for your will to catch up.