By now, you probably know how important it is to have a solid will in place. The legal document ensures that your final wishes will be met and that your family members will be taken care of after you’re gone. However, you might not be aware that you will likely have to update your will several times throughout your life. Here are several situations that call for updating your will.
You Moved to a New State
Whether you move to the next state over or to the other side of the country, it’s necessary to update your will. Estate planning laws can vary from state to state. What wasn’t required in your previous state might be required in your new state. For example, some states require that a spouse inherit a minimum share of the estate.
Your Assets or Liabilities Change
If your estate’s value has increased or decreased, it’s time to review your will. For example, if you have added a major asset to your estate, you have to figure out how the property will be divided among your heirs.
You Want to Disinherit Someone
There are several instances when it’s appropriate to remove someone from your will. For instance, if you get a divorce, you will likely want to take your ex-spouse out of your will. If you have a falling out with one of your family members and no longer speak to that person, you may also want to remove him or her from your will.
You Have a New Child
If you recently gave birth to or adopted a child, it’s definitely time to look at your will. You will want to add your new child to your will.
Your Executor is No Longer Suitable
An executor is the person who makes sure the wishes in your will are carried out after you’re gone. However, circumstances can change and the person you appointed as the executor may no longer be the right person for the job. For instance, the executor may have developed a serious illness or moved very far away.
There Are Changes in the Law
The laws pertaining to estates can change at any time. If, for example, there are changes in tax laws, you should update your will to make sure that it adheres to these new law changes.
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