You'll likely never see ads on prime time television regarding updating your will. But in about the same time it takes to resolve the latest on-air whodunit, you can avoid a real-life drama by making sure your will meets your current needs.

And if you're one to tempt fate – and the tax man – by putting off creating a will, now is the time to take action. For a relatively low cost, you can tend to the needs of your heirs and ensure your assets are distributed based on your wishes.

The following checklist highlights events that may trigger a need to update (or create) a will:

• Marriage or divorce. During significant events like these, it's easy to forget to plan for the needs of your new partner – or conversely, to adjust your plans to reflect your now-single status.
• Birth or adoption. Congratulations on adding a new family member! Now consider: Who will care for this child, and how, if you and your partner are no longer here? Have the answer? Put it in writing in your will.
• Children have reached age 18. If your children have reached legal adulthood, you may wish to update your will accordingly.
• New state laws (or moving to another state). Not all state laws on estate taxes are equal, and they're also often updated. Be sure your will reflects the current laws of the state in which you reside.
• Substantial increase (or decrease) in net worth. If your assets have substantially grown due to a business success, property sale or inheritance, or if you've suffered a financial stumble, your will should follow suit. For example, if you inherit your late uncle's Bonanza-sized ranch and forget to add it to your will, your oversight will not be overlooked upon your demise.
• Death of someone named in your will. This is one of the most often-overlooked reasons for updating a will – yet also the most easily remedied.
• Desire to provide for a certain charity. Your interest in giving to a particular charity may change over time – or you may have found a great new charity to add to your will. Be sure it's listed.

Update How Often?
As a general rule of thumb, you should review your will every three years – or more often if you experience any of the events listed above. The cost of updating it will likely be far less than preparing the original document – especially if you use the same professional. Contact Jack Crane, CFP^®, Executive Vice President/Financial Consultant of St. Mary's Financial Services, at 603.629.1524 or e-mail jack.crane@uvestmail.com to set up an appointment.