It’s never too late to make a New Year’s Resolution to protect your assets and your family for the future. If your will has been sitting in a safe deposit box for more than a few years, it’s time to pull it out, dust it off, and see if anything needs to be updated.
There are many reasons to make changes to your will. You’re probably aware of the big ones: marriage or divorce, birth or death of a beneficiary. Here are a few more reasons you might not have considered:
- Changes in state laws. Documentation requirements vary from state to state, and an interstate move, or changes to your state’s laws, might require an update to your paperwork.
- Your child has reached the age of 18. Arrangements made for a minor child might need to be changed when that child becomes a legal adult.
- You are approaching age 70 ½. If you have an IRA or other qualified plan that requires you to take distributions, you’ll want to consult an attorney before you select a beneficiary, since that may have an irrevocable impact on your required distributions.
Another good reason to review your will is to make a legacy gift to a cause you care about. Selecting Texas Parks and Wildlife Foundation as a beneficiary of part of your estate will help conserve Texas’ wild things and wild places for generations to come. That’s a resolution worth keeping!