Why You Need to Update Your Will After Major Life Events

You’ve probably heard the saying, “The only constant in life is change,” which is largely true. As the years pass, aging changes our bodies and faces, toddling children grow into teenagers and then adults with babies of their own, and the world around us continues to evolve and shift. With each significant life change, reevaluating your needs and goals, including your estate plan, is essential.

While having a will already puts you ahead of most people in the United States, a will that isn’t regularly updated may not reflect your wishes. Updating your will after a significant life change is a more straightforward process than you might think, and the team at Scott Shoemaker & Associates is here to help.

How Major Life Changes Can Affect Your Estate Planning Needs

Significant life changes can make us see the world differently, and it’s not uncommon for people to begin their estate planning after an important event, such as a marriage or death. One study found that those who experience the death of a spouse are more likely to have an estate plan than those who were either never married or whose spouse was still alive. This makes sense because significant life changes can alter who you want your beneficiaries to be or make you reevaluate your priorities and what legacy you may be leaving behind.

Examples of significant life changes that may necessitate an updated will include:

  • A significant asset acquisition, such as a second home
  • Moving to another state or country
  • Marriage
  • Divorce
  • The birth or adoption of a child
  • The death of a beneficiary

If you’re unsure whether a change is significant enough to warrant updating your will, talk to an estate planning attorney. They can help you understand how the change could affect your future plans and what you can do with your estate plan to ensure your wishes are clear.

How to Update Your Will

Updating your will isn’t a complicated process, but it needs to be done correctly to ensure that it complies with Iowa’s laws and that there isn’t any confusion about which version of your will is correct. Following these steps can help you change or replace your will after a significant life event.

Determine What Needs to Be Changed

While it’s a good idea to review your will periodically to ensure it still reflects your wishes, updating your will after a significant life event is usually more specific. For example, if you married, you may need to add your spouse as the primary beneficiary. A divorce or death may mean removing someone from the will. Determine what changes need to be made and how extensive they are.

If there are significant changes, it may be best to rewrite and replace the will entirely instead of merely updating it. When you do this, it’s crucial to destroy the original will once the new one is in place to ensure there’s no confusion later on. If you’re unsure whether your will needs to be updated or replaced, one of our estate planning attorneys can help you make that determination.

Work With an Experienced Estate Planning Attorney

It’s essential to have the knowledge and guidance of an experienced attorney whenever you change your will or anything to do with your estate plan. An attorney can ensure that any updates or changes are done correctly and in accordance with the applicable laws, and they can also review your entire estate plan to ensure that there aren’t any contradictions or confusing pieces that could cause issues when the will goes through probate.

An estate planning attorney can also determine if there are any other updates that need to be made as a result of the change in circumstances. For example, if you are changing your will because you’re going through a divorce, you may also want to update your life insurance beneficiaries. It’s easy to miss significant changes when you’re dealing with upheaval in your personal life. The benefit of working with an attorney is that you have a professional who is there to guide you through the process and ensure you’ve done everything necessary to prepare for the future.

Ensure the Will Complies With Iowa’s Laws

Each state has its own laws for what is required in a will. In Iowa, these are fairly simple. The creator must be at least 18 years of age or otherwise emancipated, such as through marriage, and they must be of sound mind. This means that they understand what they’re doing in creating a will and what the consequences will be.

The will also needs to be in writing and witnessed by two other people. Updating a will — formally called creating a codicil — also requires witnesses. If the will or the codicil is not properly witnessed, it could make it invalid and cause problems with probate.

Update Your Loved Ones on the Changes

The last step in updating your will is to inform your loved ones of the changes — unless there is a very compelling reason not to. When your loved ones know what to expect from your will and larger estate plan, it can ease tension and make it less likely for the will to be contested because your beneficiaries heard your wishes directly from you before reading the will.

If you’ve recently gone through a significant life change or are expecting one in the near future, the team at Scott Shoemaker & Associates can help you ensure your will is up-to-date. Call our office in Cedar Rapids at 319-379-2007 to learn more.