As far as updating wills is concerned, it is always a good thing to ensure that you update yours as soon as there are any major changes in your life. Important life issues such as a marriage, the birth of a new child, a new business venture or even the purchase of a home are just a few of the reasons that can justify looking at your will afresh to update it. You may choose to start from scratch to create a brand new last will and testament or you basically Codicil the will so you can make changes to your existing will.
Estate planning is perhaps the best way to ensure that your assets have been distributed just like you want them to be. Without valid wills, property is normally distributed based on the rules prevailing in the state which in most cases it means the same amount for everyone. You may want to leave some of your money to charity or appoint a guardian to your children or even go ahead and protect your business after you are dead; estate planning is the way to ensure that all your wishes are known clearly to everyone involved.
A power of attorney and a living will are both estate planning documents which help you to make a decision regarding any tough healthcare decisions that could affect you and your family members in future. The power of attorney allows you to appoint an agent who will make the decisions on your behalf while with the living will, you will be able to expressly chose the kind of treatment you would like to receive or do not want to receive.