How often do I update my will?

If you’ve successfully drafted a will at this point, congratulations! You have taken a very large step in ensuring that your artistic legacy will be carried on in the way that you want.

However, estate planning should not end here. A will reflects the wishes and assets of the testator at the time of the writing, but circumstances may change as time passes. You may want to change your beneficiaries, keep or donate different pieces, or perhaps you’ve created more work that hasn’t yet been accounted for in your will.

To decide when to revisit your will, you may want to ask yourself the following questions:

  • Have I changed my mind about who I want receiving my art and other assets?
  • Have I found new beneficiaries that I want to receive part of my estate?
  • Have I changed my mind about how I want my art to be treated once I am gone?
  • Have the circumstances in my life changed in a way that is relevant to my will?
  • Are all my beneficiaries ready to accept parts of my estate?
  • Do the organizations that have agreed to accept my art still exist today?
  • Have I created a significant amount of art that is not dealt with in my will?
  • Has the price of my art changed significantly, creating unwanted tax burdens on some of my beneficiaries?

If one or all of these circumstances apply, you may want to consider revisiting your will to make the necessary changes. Even if none of these circumstances apply, we recommend revisiting your will periodically to make sure you are comfortable with the way your estate will be executed.