Circumstances of life change over time, so you should periodically update your will. Ideally, you should update your will as soon as you make a major life change. Maryland revokes provisions related to an ex-spouse when you divorce only if they weren’t named as a beneficiary. You’ll need to revise your will to remove them as a beneficiary if you no longer want them receiving part of your estate.
1. Estate law
The law changes over time, which could cause your will to become outdated. During your periodic will check, which should occur once a year or every few years, you should confirm that it’s still valid under state and federal law. Estate taxes, probation, exemptions and exemption limits are key areas to look at.
2. Power of attorney
You should check your general and health power of attorneys. Make sure that you have backups listed in case something happens to your designated power of attorney. You should ask yourself if each person is still the best choice for the role. If someone developed a drug addiction or started to show other signs of irresponsibility, for instance, you may want to revoke their power of attorney and choose another person.
3. Change in residency
If you move to a new state, you should review your estate plan. Each state has its own estate planning laws to follow. You may find that a different way of distributing your assets and property may make more sense in your new home as well.
It’s your responsibility to keep your estate plan up to date as laws and your life circumstances change. Update your will as important changes occur, and do a more thorough check that everything is still in line with what you want on an annual basis.