Tips for updating your will in the New Year

On Behalf of | Dec 15, 2021 | Estate Planning

A new year is all about a fresh start and new goals for many people. When you are making your New Years’ “To Do” list, why not add updating your Minnesota will? A lot can happen in a year, and the future is often uncertain. An update can help give you peace of mind for the coming months and ensure you can take care of your loved ones if the unexpected happens.

According to Kiplinger, “when” you update your will is as important as “why.” If you act too late or too early, your decisions may no longer be appropriate.

Write a letter of instruction

This is one of the most often overlooked aspects of a will. It should contain vital information for your heirs, such as the following:

  • Insurance agents
  • Attorney
  • Location of power of attorney documents
  • Wealth managers
  • Online account information with passwords

An effective letter of instruction provides your beneficiaries with a summary of your estate plan, and you can include your end-of-life wishes and other details.

Take a home inventory

Did you make any notable purchases, such as an addition to a collection, a piece of art or jewelry? If so, have it appraised. This is helpful for general insurance purposes and can help you organize your will.

Update your beneficiaries

A spouse is the primary beneficiary for most people. However, it is always a good idea to review your beneficiary designations and make any updates needed. If you have not checked your will for several years, you may realize that you must make revisions based on births, deaths and other life events.

A will is often part of a comprehensive estate plan. It may help minimize the financial burden on your family and help you provide for them long after you pass away.