Creating a will and estate plan is an important part of protecting your family and your assets. However, life events such as the birth of a child, a death in the family, or changes in your financial situation can all necessitate changes to your will and estate plan. It’s essential to know when to update your will and estate plan to ensure that you are adequately prepared for any potential life events.
When You Get Married or Divorced
One of the most common reasons why people update their wills is due to marriage or divorce. If you have recently married or divorced, it’s important that you update your will accordingly. This is especially true if you have children from a previous marriage; you may want to provide for them in the event of your death. Additionally, if you are getting divorced, it’s important to remove any provisions for former spouses who are no longer part of the family.
When You Have Children
Having children is another significant life change that should be addressed in your will. If you have recently had a child, it’s important that they are included as one of the beneficiaries in your will. This ensures that they receive the appropriate inheritance upon your death. Additionally, if necessary, you may need to include provisions for guardianship so that someone else can care for your children in case something happens to both parents.
When Your Financial Situation Changes
Your financial situation can also play an important role when it comes time to update your will and estate plan. For example, if you have recently acquired additional assets such as real estate or investments, then it’s important that these assets are properly included in your will so they can be distributed appropriately upon death. Additionally, if there have been changes with respect to debts and liabilities, then these should also be taken into consideration when updating your will and estate plan.
Making sure that your will and estate plan reflect all of life's changes is essential to ensuring that you leave your estate to your intended beneficiaries. While it might not always be pleasant thinking about your own mortality, taking the time now to make sure your plans reflect your wishes can provide great peace of mind down the line—for both yourselves and your loved ones.
Contact Provident Legal Counsel today to discuss your case and legal options. Schedule a Consultation or call (214) 432-6100.