Estate Planning Lawyer
If you’ve recently created a will, congratulations. You’ve taken an important step to protecting your loved ones should the unexpected happen. However, drafting a will isn’t a one-and-done event. Most likely you’ll have to update your will multiple times in your life. Here are a few times when it’s necessary to update your will.
You Plan to Get a Divorce
If you wish to get divorced, you may want to update your will before you file. If you die before finalizing your divorce, your spouse could still get a portion of your estate. Changing your will right now can ensure that your spouse won’t receive your assets if you die before the divorce is complete.
You Got Remarried
If you have gotten remarried since drafting your will, it may be time to update it. After all, you likely want your spouse to inherit at least some of your property if you die. Additionally, you may also want to take another look at your power of attorney for health matters. If you have already designated someone else to make decisions on your behalf in the event of incapacitation, you may want to change the person to your spouse.
You Moved to Another State
Whenever you move to a different state, it’s a good idea to take another look at your will. Estate planning laws can vary from state to state, and you want to make your will takes those laws into account. Plus, you may need to appoint a different executor. It’s much easier for executors to do their job if they live in the same state as you.
You Have Received a Large Sum of Money
If you have recently received a large sum of money, whether from winning the lottery or an inheritance, you definitely want to update your will. You may want to find out if there are tax consequences or you might want to set aside some of that money for a charity.
Your Relationships Have Changed
Your relationships with your family members and friends can change throughout the years. When this happens, it’s a good idea to take another look at your will. For example, if you had a falling out with your sister, who you named as a beneficiary in your will, you may want to remove her from your will.