Q&A: When to update your will

February 20, 2009
Steve Austin
Steve Austin

How often should I update my will?

Q: How often should I update my will?

A: Advisers vary in opinion, but most recommend updating your will every one to five years. However, nearly all are in agreement that your will should be studied when certain life circumstances change. For example, a family situation (death, birth, divorce, severe illness, etc.) or a sudden change in wealth are the types of events that merit attention. Estate and tax law modification, along with a move to another state, are also reasons to prompt a review. Be sure to meet with your attorney if your views or opinions differ from the time you last addressed your will (i.e., you have a new favorite charity or an important person in your will falls out of favor). Another point to remember: Let your closest family members and key advisers know where your will is located.