Life changes constantly, and your Will should evolve to reflect these changes. There are some obvious situations which require updates to a Will, like divorce or marriage, but other times aren’t so obvious and are just as critical. Here is a list of four circumstances considered important reasons to update your Will:
When you have children
One reason to have a Will to begin with includes designating a legal guardian for your minor children if you pass away. Without choosing a legal guardian for your children, you have no input into who is going to take care of them if you die. Instead, that decision would belong to the court system in your state. Therefore, as you plan for a new member of the family, be certain your specific guardianship wishes are reflected in the Will.
You may want to make changes when your loved ones grow older
Maybe your kids are no longer under 18 or their situation has changed. These shifts might require adjustments to the Will or the age they ought to obtain the assets you intend to leave to them.
Or perhaps, as they age you recognize that the family ring you’d previously stated to give to your niece should instead go to your daughter. If you understand that you want specific assets to pass to the proper person, it is vital to document your wishes.
If there is a change to your health status
If you’re going through treatments for an illness, for instance, you might have to update your estate planning, which includes paperwork associated with life-sustaining treatment, healthcare decisions, and somebody to make decisions if you do not have the ability to. Speak to a lawyer about how to declare those wishes and check to see if there are any additional adjustments necessary due to your condition.
If there is a change in the law which may affect your Estate Planning and Will
Changes in laws may affect your estate planning. Not only probate law, but any additional law that might impact your financial circumstances in any way. Speak to an estate planning lawyer and adjust your estate planning and Will as necessary.
To discuss more information on estate planning and living wills, contact Blackburn Law Firm today at 727-826-0923.