Yes. Any real change in your life setting, such as new baby, marriage, divorce, death in the family, and a sudden financial windfall, can be the reason for updating your will. The following are some of the reasons to update your will:
• People you named are dead
• New people (birth, adoption)
• Divorce or marriage
• New state laws. These laws can effect your will directly. This is especially so if
you move to a new state
• Change in guardians, personal representatives, or trustees
• Children become adults after the age of eighteen
• A financial windfall, i.e., you inherit money, or win the lottery
• New job with much higher financial expectations
In any event, you should review your will and estate planning documents every three to five years.
A sudden financial
windfall, can be one reason
for updating your will.