Here’s When You Need to Update Your Will

Book An Initial Call Now
POSTED ON: November 6, 2024

Here’s When You Need to Update Your Will- If you’ve got a will and an estate plan, you’re ahead of most people who are completely unprepared for the future. However, having a will is just the start, says a recent article from AARP.org, “6 Times When You Should Update Your Will.”

A will needs to be kept up to date. Changes need to be made when life-changing events occur to ensure that it still reflects your wishes. A skilled estate planning attorney should make these changes to ensure that the will is valid.

Changes to your marriage or family. Anytime you undergo a significant change, like welcoming a new child into the family or starting a divorce, you must make sure your will is updated. If you are in the middle of a divorce and you die, do you want your old will to give the spouse you were divorcing everything? There are also situations where people neglect to update their wills, and a first wife receives a surprise windfall while the current wife is left in the cold, financially speaking.

Changes in your heir’s situation. If an adult child develops a substance abuse problem, you may not want them to inherit a large sum of money all at once. You may create a trust and name a trustee, setting conditions on their ability to inherit. If an heir becomes disabled and applies for government benefits, you’ll want to create a Special Needs Trust not to make them ineligible for support and programs.

Here’s When You Need to Update Your Will

Relocating to a new state or even a new country. The Census Bureau reports that more than 1.2 seniors move across state lines every year, and many Boomers choose to live overseas. Wherever you go, you want to be sure your will is still valid. Estate laws vary from state to state, so the will you created when you lived in Illinois won’t necessarily be valid in Arizona. If you move to another country, you must have a will drafted to comply with local laws.

Your net worth increases or decreases significantly. Whether your net worth goes up or down, a change in your financial circumstances warrants a look at your will. If you inherited a big sum, you may want to add some philanthropy to your estate plan, or you may want to change how your estate is distributed. Any reallocations need to be documented properly.

You want to make a change. Life is full of changes. Someone you picked to be your executor five years ago may have died, and you haven’t decided who you want to replace them. You could also have a falling out with a family member and want to reduce their inheritance. Most importantly, don’t try to amend an existing will yourself. Speak with an estate planning attorney to ensure that your wishes are followed, and the changes are valid.

It’s been more than four years since you’ve reviewed your will. Estate plans are never one-and-done documents. Even if your life hasn’t changed, tax laws have. Your will needs to be revisited every three to five years to ensure that it works to accomplish your goals and protect loved ones.

Schedule your phone consultation: THE LAW OFFICES OF CLAUDE S. SMITH, III

Here’s When You Need to Update Your Will

Reference: AARP.org (Sept. 23, 2024) “6 Times When You Should Update Your Will”

Let Us Help You Through This

Reach Out Now

What Sets Us Apart
We understand this process can be difficult. We ease you through it with your best interest in mind.

Legal problems are extremely stressful, especially when your family, your health, or your freedom are at stake. At this point in time, you may not even be sure what kinds of questions you need to ask a lawyer, but that’s entirely normal. Whether your situation involves family law, estate planning, elder law, a criminal charge, or a personal injury, we will start by giving you all the information you need.

The way we see it, you deserve to get this information directly from an expert. That’s why we make it easy for you to get in touch with your lawyer, and we never ask you to sit down with a paralegal or assistant instead.

As our relationship continues, we will keep you updated about the status of your case every step of the way. Your lawyer will reach out regularly to tell you about any new developments, and he will also be happy to answer any questions you have throughout the process.

Join Our eNewsletter

Stay informed and updated by subscribing to our eNewsletter!
Subscribe Now!
Law Offices of Claude S. Smith, III

805 Bigley Avenue
Charleston, WV 25302

Get Directions
Integrity Marketing Solutions - Estate Planning Marketing
Powered by