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Best times to update an existing will

On Behalf of | Mar 15, 2018 | Wills & Trusts

It is never fun to sit down and think about the fact one day you will pass away. However, that is precisely what you need to do when you create a will. Unfortunately, many Americans forego a will because they either forget to do so or do not want to have difficult conversations. Reports suggest less than half of American adults actually have some kind of will.

When you make a will, you do not want to lock it away and forget about it. Times should come throughout your life when you look at your will with an attorney to determine what changes are necessary.

Changes in the family

Ideal times to change a will occur when you marry, divorce or have a child. You will naturally want to alter who receives what when you gain or lose a spouse. You also want to ensure there are provisions in your will stating what will happen to your children should you pass away before they are over 18 years of age.

Changes in income

The amount of money and assets you can leave your loved ones will change if you begin making substantially more money. The same holds true if your income falls for whatever reason. Another common occurrence is to update a will when you start a new business.

Changes in the tax law

Federal and state tax laws change all the time. When these changes occur, you want to have a look at your will. You may need to change some things, so your beneficiaries get the most out of their inheritances.

Changes in living situation

Perhaps you first made your will when you lived in Ohio. Now you plan on moving to Florida. Estate planning laws can vary substantially from one state to the next. You may not need to alter anything, but you want to play it safe and have an attorney from your current state look over your will just in case.