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Mistake #8: Not Reviewing and Updating Your Will

Have you moved to another state? Had another child or grandchild? Become incapacitated in any way? Been divorced? All of these life changes (and many others) are reasons to review and likely amend your will and trusts.

Once you've drawn up a will, don't just stick it in a drawer and forget about it. Make a point to review your will at least every five years, but also when there is a major event such as a death in the family, loss of a job, an inheritance, etc. In some cases, a change of beneficiary and/or changes in asset distribution may be in order.

Next: The One Thing You MUST Do