A will is part of your estate plan that lets you clearly say what should happen to your money, property, and personal belongings after you die. In the U.S., over 72% of Americans lack a valid will. Of this group, most have never even created an estate plan or made plans for their legacy.
A will lets you choose who manages your estate. According to CDM Law Firm, a will will allow you to select someone who has knowledge of your wishes, who is aware of the responsibility, and who will be able to administer your estate plan after your death
Making a will is a smart way to plan for the future, but it’s not something you should set and forget. Get your will updated whenever there are significant events in your life, such as marriage, childbirth, or even the death of a close one. These events may completely change who you name as inheritors or who would carry out its purpose.
Let’s look at some situations where you will need to think about changing a will.
Major Life Events
Significant happenings in life will naturally necessitate a check on the will to determine whether it is still true to one’s intentions. These include marriage, divorce, or the birth of a child. For instance, after getting married, an individual might wish to include the spouse in the will or redistribute the assets.
If the change was a divorce, the ex-spouse would have to be removed as a beneficiary. A newborn may require confirmation that the baby is included in the estate. Even the untimely demise of a family member can trigger an amendment.
According to wills lawyer Tiffany Webber, having a lawyer assist you in writing your will, or, at minimum, having a lawyer review your will after you’ve written it, is important. A lawyer will review your will to identify any flaws, helping it remain valid in court for years to come.
Awareness of these transitions will help reflect your true intentions and protect your loved ones.
Changes in Financial Status
Various significant events will trigger a reconsideration of the will and its conformity with the changed circumstances, especially if they include an exorbitant raise, complete loss of income, or any other changes in the financial conditions of an individual.
A wealth increment should prompt you to assess how it impacts the allocation of assets and the subsequent tax implications for the heirs. If problems set in, you might have to change your plan to protect the family or pay certain debts. Remember, a will is a snapshot of the present situation.
By keeping it up to date, you can be assured that your wishes will be carried out and that your family will be cared for as you planned, no matter how much money they have now.
Alterations in Beneficiary Designations
The people you name as beneficiaries in your will should be checked and changed as your life changes. You can change your mind about who owns your things after getting married, divorcing, or having a child.
When you go through a big event in your life, you should see to it that your beneficiary choices still reflect your tastes. You may need to add a new beneficiary or remove one who no longer fits your intentions.
The things that matter to you change, and so does your will. Reviewing your beneficiary choices on a regular basis could help you avoid problems and guarantee that your assets go to the people you want them to. If something important changes, always take a moment to look over your titles again.
Relocation or Changes in Residency
Relocating or changing your residency might produce a huge impact upon your will if you move to another state or country. Will and estate laws may be markedly distinct. What is considered valid in one jurisdiction may not be true somewhere else.
Once you have moved, you should carefully go over your will to check if it meets the rules of the new area. You might have to change the language, name a new agent, or alter the way the assets are distributed.
Tax effects could change, which would mean that the total value of your assets would also change. If you go over your will again after moving, you can stay out of trouble with the law and carry out your wishes according to your intentions.
A will that has been updated frequently will help reflect one’s current goals. Make these changes as soon as possible after any major relocation to update your information on time.
Deborah Sextoneer brought her passion for community building and user engagement to Dazzling Holly Moms, playing a vital part in the platform's development. With her keen understanding of the challenges mothers face, Deborah ensured that the content resonates with moms and addresses their diverse needs. Her efforts in creating interactive features and fostering a supportive community have made Dazzling Holly Moms a go-to platform for mothers looking for practical advice and a sense of belonging. Deborah’s contributions have been essential to the project's ongoing success.