Updating a Will: Issues to Consider

Situations that Indicate it Is Time to Make a Change

Updating a will is necessary any time there is a major change in your life. Keep reading to learn some of the most common reasons it is time for a change.

Keyword(s): updating a will

45% of Americans have a living Will as opposed to the 55% who don't. So applaud yourself for being a part of the 45% who cares about the future of their estate.

But life experiences change things and so should your estate plan. You need to know when to update your will.

Taking the time to sit down with a legal advisor to get your papers in order adjures respect. A will puts you in a position to secure a future for your children or loved ones.

It reduces familial conflict in the advent of your death. And, it safeguards all you've worked for—assets like finances, property, and valuables.

If you've had a change in your life and are unsure how to proceed, you need to read this. Learn here some of the most common reasons for updating a will.

Updating a Will After a Death Is Common

Most people stipulate a spouse or their children as first recipients in a will. But that changes when someone you've named passes away.

Every will should list a backup for every named person or entity in it. So if someone proceeds you in death, those stipulations are before noted. But in hindsight, that's never the case.

If you lose a spouse or child, you may want to pass your assets down to another relative. It's a smart idea to review and update your will in the case of a named beneficiary's demise.

In the same process, add additional heirs to avoid revisions for this reason in the future.

Marriage and Divorce

According to recent statistics, one in four marriages fail. If a previous spouse was the original beneficiary, it's time to update your will.

Most people cringe at the thought of leaving their assets to an ex in the event of a divorce. Doing so gives that individual certain rights. Plus you risk giving them the opportunity to contest your will.

If you've gotten a recent divorce, sit down with a legal advisor to discuss ways to amend your will.

Marriage denotes the same. Unless specified in another legal document like a prenup, update your will when you get married. Amending your will to include your spouse means they get their fair share of the assets you leave behind.

Update in Laws

As much as we want them to remain the same, laws are almost never set in stone. Amendments and updates happen all the time.

Wills abide by certain tax laws in each state. Yours is no exception. In recent years there have been drastic changes to provisions within estate tax laws. Forgoing the opportunity to bring your will up-to-date with tax law, could result in your assets getting tied up.

Check the date of your will. If you signed it more than five years ago, it's time to revisit it for a possible update.

Different circumstances in life call for revisions to an estate plan. Updating a will for a life change protects your assets and your loved ones.

Pull out a copy of your existing will and then speak with a trusted legal professional about whether you need to modify or make changes to do. Seek proper advise about updates to your estate plan.

Put your affairs in order. Contact us today for help understanding estate tax law.