6 times when you should update your will

“Perhaps they have become sick, or predeceased you,” says certified financial planner David Johnston, founder and managing partner of Amwell Ridge Wealth Management in Flemington, New

Jersey. “Maybe they have developed a substance abuse problem, or wouldn’t be able to carry out your wishes due to their own disability,” he adds. All of these scenarios could merit updates

to your will. 3. YOU MOVE TO A NEW STATE OR COUNTRY More than 1.2 million older adults move across state lines each year, according to Census Bureau data. Furthermore, a growing number of

baby boomers and retirees are choosing to become expats and live abroad. Proof: More than 760,000 Americans receive Social Security payments while living internationally, the U.S. State

Department reports. The reasons people age 50 and older relocate, domestically or internationally, often vary. Some individuals move for retirement and a lower cost of living; others seek a

better climate, or to be closer to their kids and grandkids. Staying within the U.S.? Even though your will would still be legally valid in a different state, estate laws can vary widely

from state to state, Stafford says. That means a will created in your previous state may not lead to an optimal outcome based on your new state’s estate laws. So if you make a cross-state

move, add updating your will to your to-do list. “If you’re moving to another country, all bets are off,” Stafford says. “It’s time to start from scratch.” That’s because different legal

jurisdictions, property ownership rules, executor authority, tax implications and family law variations between countries can render a U.S. will inadequate or unenforceable abroad. Redoing

your will if you move to another country will ensure that your assets are distributed according to your wishes and in compliance with local laws, with minimal tax and legal complications. 4.

YOUR ASSETS INCREASE One of the most overlooked — but most important — parts of estate planning is identifying if those who will inherit your assets are financially mature enough to handle

a windfall, Young says. “This should be a consideration no matter the size of the assets,” he says. “However, if there is a significant change or increase, there most definitely should be a

review” of your will.