At some point, you will likely experience one of the many reasons for creating a will. For example, maybe you realized that you have enough assets that you should decide how to distribute them if you die. Maybe you simply want your remains handled in a certain way.
This kind of estate planning is common. Yet, many people make a will in the 30s or early 40s and never revisit it. Of course, everyone’s circumstances change over time. Keep reading for five signs you’re due to update your will and estate planning.
- Marriage or Divorce
Major relationship changes are a major reason for updating your will. If you get married, you don’t want your spouse locked up in a legal battle for your property if you die.
If you divorce, on the other hand, you don’t want your ex receiving your property or financial assets when you die.
- Death of Family Member
One of the more tragic reasons to update your will is a death in the family. If a spouse or child dies, it can leave your estate in a questionable circumstance.
While some will include instructions for the estate if a person named in the will dies, many do not. Revising your estate planning ensures that no questions arise after your death.
If you’re not sure about what should go into your estate planning, you can consult with an estate planning lawyer. You can also learn more here.
- The Birth of a Child
The birth of a child is a happy event for most families. It also means you must consider the child’s future.
A good estate planning checklist will include making provisions for your child in the will, such as assigning assets and naming a guardian.
- Property Acquisition
Buying or inheriting property also falls high on the list of reasons to update your will. Land and buildings hold substantial value in themselves. The land or buildings may also provide ongoing income if you rent them.
You should always update your estate planning and will following a property purchase. The same holds true for inheriting property.
- Large Financial Changes
People structure their wills and estate planning based on the assets they hold at the time. If you suffer a major financial setback, though, many of the assets named in your will may not exist anymore.
A financial windfall or a newly started business also won’t appear in the will. You should update your will based on new circumstances to help your family avoid problems later.
Updating Your Will and Estate Planning Spares Your Family
Your death will likely come as a blow for your family. Making sure you leave an up-to-date will and current estate planning spares them additional stress.
Keeping these current means no questions linger about your wishes for your property or the handling of your remains. This lets your family focus on grieving, rather than wrangling over your estate.
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