Why You Need to Update Your Will Now

Due to changes in tax law and shifts in your personal life, it is likely time to update your will. According to John T. Midgett, an estate planning attorney from Virginia, it is important to consider when you drew up the will (there have been major changes since 2001,) whether your relationship status has changed, the age of your children, and if your wishes have changed regarding beneficiaries, medical care, etc.

Here are four documents to consider updating:

1. Will or trust
2. Durable Power of Attorney
3. Healthcare Proxy
4. Advanced Directive (Living Will)

Once all documents are updated, remember to keep the documents safe and to share copies with your executor, your designees, and anyone you have given HIPPAA authorization. You may also consider giving a copy of the plan to an additional person as a backup in case of emergency.

For more information:

See Carla Fried “Why You Need to Update Your Will Now,” Consumer Reports, July 1, 2022.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.