 What about your financial affairs? Have they fluctuated significantly? If so, you really should update your will. At least review it every two years, making sure that you're in conformity with current state laws. Making a will is especially important for people with young children because wills are the best way to transfer guardianship of minors. It's also important to review your beneficiary designations for your 401k, IRA, and life insurance policies since those accounts will be transferred automatically to your named beneficiaries when you die. I'm Hannah Ostopchik.