Why Your Will Deserves Another LookAs life gets more complex, so do the responsibilities that come with it, especially when it comes to protecting what matters most to you. Having an up-to-date legal will can relieve a lot of stress. Do I Need to Do Anything If I Already Have a Will?Unless your will was made recently, it may not reflect your current wishes or reality. You should revisit financial documents regularly, especially after major milestones like marriage, divorce, the birth of a child or grandchild, or other changes in your relationships, assets, or finances. You should also take a look if you've relocated, since probate and property laws may vary across state lines.1 |
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Many of life’s changes can change a will. Maybe one of your beneficiaries has moved or passed away, or your financial picture has shifted and your previous decisions are moot. Or maybe you’ve changed your mind about who you’d like to act as executor. If any of these ring true, consider a will review.2 Is It a Problem If I Haven’t Created a Will Yet?Without a will, your estate will be distributed based on your state’s intestacy laws, meaning a judge (whom you probably never met) will decide where your assets will go. Confusion, delays, and unintended outcomes are common in these situations. For example, stepchildren or unmarried partners may be entirely overlooked, or children may inherit equally regardless of age or financial need. A will provides clear, legal guidance to administer your wishes.3 It can also name a guardian for minors, outline preferences for pets or charitable giving, and serve as a starting point for other documents like powers of attorney or health care directives. Another reason to create a will is cost. While state laws vary, probate expenses can add up. Probate can claim as much as 7 percent of your estate, and that’s definitely a loss worth avoiding if you can.4 I'm Still Growing My Assets; Can I Wait?It’s not about the dollar amount–it’s about clarity. A will provides guidance for your loved ones during a time when it may be hard to think clearly, and makes sure they don’t have to guess what you might have wanted. Even simple wishes (like who should receive a specific heirloom or who should be responsible for certain decisions) deserve to be honored. A will can also help with the administrative burden placed on your loved ones. By stating your wishes clearly and taking away any mystery surrounding the settlement of your affairs, you can prevent unnecessary stress and worry. The takeaway? A will really matters.Creating or updating a will might not be the most exciting task on your list, but it can be one of the most meaningful and important things you can do for the people and causes you care about. If it’s been a while, or if you’re starting from scratch, take this as your sign to make sure your will aligns with your wishes and values. Ideally, your will should clearly reflect the legacy you hope to pass on. |
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Should You Revisit Your Net Worth?Calculating your net worth statement: sounds like a fun way to spend an evening, right? While it might seem like a drag, checking in every so often can help you keep a clear, accurate picture of your overall financial health. Your net worth is essentially the value of what you own (assets) minus what you owe (liabilities). But net worth is more than a number, it’s a financial snapshot that can help you track progress over time and flag potential gaps before they become problematic.5,6 Why Should You Recalculate It?While there’s no perfect cadence, reviewing your net worth at least once a year is a wise move. Switching jobs, paying down debt, buying or selling property, or receiving an inheritance are all great moments to revisit this snapshot of your financial health. While you’re at it, check in on account balances you don’t look at often, like old retirement plans or inherited investment accounts. Pulling all this info together can give you a sense of financial momentum and help remind you of your long-term goals. It Doesn’t Have to Be HardYou don’t need any special software to calculate your net worth. A basic table in Excel works just fine, or you can even use a pencil and paper. Start by listing your assets—checking, savings, retirement accounts, real estate, vehicles, and personal property. Then, subtract your liabilities, like your mortgage, car loans, credit cards, or other outstanding balances.5 |
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If you’ve done this before, compare your current net worth to your previous number. Is it moving in the direction you want, or does something seem off track? If your overall number hasn’t changed much, that’s okay. Slow, steady progress is still progress. Increasing home equity and paying down debt are wins worth recognizing. Get curious, gain clarity.It can be tempting to ignore the bigger picture, especially when life is busy. But a regular habit of checking your net worth against your long-term goals can leave you feeling more grounded, informed, and prepared for the future. And remember, your net worth has nothing to do with your worth as a person. Rather, it’s about getting curious and gaining clarity about how you’re doing financially at a particular moment in time. And having a clearer big picture can help you make better day-to-day choices. At Deschutes Investment Consulting we have advisors with decades of experience helping people create estate plans and wills that set their lives up for a stable future for generations to come. Get in touch today for a consultation and to discuss your unique situation. |
1. AmericanBar.org, 2025. |
This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm.