When you made your will, you took an important step to securing your family’s financial future. However, you will most likely have to revisit your will at least once or twice in the future. Circumstances in your life can change and updating your will may be necessary. Estate planning lawyers have covered some of the most common reasons to change your will:
If you get divorced from your spouse, it’s important to revise your will as soon as possible. While some states consider wills that give the estate to a former spouse invalid, others may approve the will. If that happens, your house may inherit your assets.
If you marry someone, you’ll want to include that person in your will. This will guarantee that your spouse will inherit your entire estate or at least a certain percentage of it.
Birth of a Child
Giving birth to a newborn baby can be one of the most joyous times of your life. To ensure that your precious bundle of joys inherits a certain percentage of your estate, remember to add him or her to your will soon. In your will, you can also appoint a guardian for your baby in the event that you die suddenly.
If you have minor children, you’ll certainly want to appoint a guardian you trust to take care of them if you die unexpectedly. However, if the guardian can no longer fulfill the duty, you should choose a new guardian as soon as possible.
States do not offer any protection for domestic partners. If you would like your partner to inherit some of your estate, you’ll want to add him or her to your will right away.
Falling Out with Heir
If you have a falling out with one of the heirs in your will and no longer speak to that person, you probably don’t want him or her in your will anymore. If that is the case, it is important to update your will as soon as possible.
Death of a Beneficiary
If one of your heirs dies before you do, you’ll want to take that person out of your will soon. Then, you can provide a different percentage of your estate to your others heirs.
Change in Value to Estate
The value of your estate might not stay the same over time. Whenever you gain or lose assets, you’ll want your will to reflect that.
If it is time to change your will, you should make an appointment with an experienced will lawyer Allentown, PA residents rely on. Revising your will can be a little complicated, so you will want someone with knowledge and experience on your side. He or she may ensure that the correct changes are made to your will.
Thank you to our friends and contributors at Klenk Law for their knowledge about estate planning and wills.