When Is It Time To Update Your Will?

Estate Planning Attorney

Establishing a will can ensure that your final wishes are carried out and that your loved ones are taken care of. Staying on top of this on-going practice will allow you to smile and rest easy knowing that the future is planned for. Your family will be smiling too knowing this. That being said, a will is rarely a one and done deal. Most people have to update their will multiple times throughout their lives. It is important when it is necessary to make changes to your will. 

Here are a few situations where you may want to update your will.

You Have Been Divorced

If you have recently gotten divorced, you may want to make an appointment with an estate planning attorney to update your will. After all, you likely do not want your former spouse to receive any of your property. When you update your will, you can remove your former spouse and state who you want to receive the property instead.

Your Relationships Have Changed

The relationships you have with family members and friends may change over time. For example, you have had a falling out with a sibling who you do not want to include in your will anymore. In this case, it is important to talk to an attorney. Likewise, if you develop a new relationship and want to include that person in your will, you should take another look at your estate plan.

Your Assets Have Changed

When you create a will, you can divide your assets among your beneficiaries as you wish. If your assets change, the legal professionals at Silverman Law Office, PLLC may advise you to update your will. For instance, if you recently received an inheritance from a relative, you may want to gift some of it to someone else. Or maybe you just purchased a second home. Whenever an estate’s value changes dramatically, it is a good idea to update your will.

You Have Moved to a Different State

If you have moved or plan on moving to a different state soon, you may need to make changes to your will. Estate planning laws can vary from state to state. It is important for your will to reflect the laws in your current state.

Your Child Has Turned 18

Once your child has turned 18, he or she can receive your assets as an adult. He or she will no longer need a guardian or require a trustee to manage his or her assets. You can now choose to distribute your assets directly to your adult child.

Your Executor Can No Long Handle the Task

Being the executor of a will is a huge undertaking. That is why it is important to choose someone you confidently feel can do the job. However, as the years go by, there is a chance the original executor you appointed can no longer fulfill the task. For example, if the executor you appointed becomes physically or mentally incapacitated, you  may have to appoint someone new to serve as your executor. 

If you need assistance with your will, you should schedule a meeting with an estate planning attorney as soon as possible.