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When should I update my Will?

by | Aug 23, 2010 | Advance Directive in Salem, OR, Wills

Question:
When should I update my Will?
Answer:
A Will should be reviewed at regular intervals and updated when the Will no longer meets your needs. A change in your family or a substantial change in assets should also cause a review and possible change of your Will. Some of the major changes to cause a Will review, and possible change, include: a) A death of a beneficiary; b) A change in family circumstances such as births, deaths, marriages, divorces; c) A change in your economic status; d) A change in Federal or State tax laws; e) A change in business venture; f) A move from one state to another; g) A change in the property that is intended to be distributed. In essence, anything that might effect how you want your property to pass to your heirs.