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Will updates an important task to complete

Your will is one of the most critical documents that you will ever create. It will dictate how your estate is executed and managed. Of course there will be other documents to supplement your estate plan -- but the will is very important. However, some people simply create their will, leave it in a secure place, give a copy to their attorney, and then just forget about it.

This is the wrong way to deal with your will. By all means, you should secure it and send a copy to your attorney. But simply letting the document sit without an update for an extended period of time is a big "no-no."

There are many things that could trigger the need for an update to your will. One typical example is if you get married or divorced. When you get married, you will want to include your spouse in your will -- and if you get divorced, you may be inclined to remove your former husband or wife as a beneficiary.

Having kids, or grandchildren, is another example of the need to update your will. Also, if your children or grandchildren turn 18 years old, then that would be another reason to update your will.

Your estate's value will also change over time. So did you acquire a new asset that is worth a lot? Did you estate lose an asset, dropping its value? In either of these scenarios, you should update your will.

Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents," Accessed Aug. 25, 2017

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