Estate planning protects your loved ones when you die or become incapacitated. A will is one of the vital documents to include in your plan. It allows you to state your wishes on how to distribute assets. You will also choose a guardian for your children and the will’s executor.
However, you need to update your will when situations change. The following discusses when you may have to update your will:
Change in assets
If an asset increases or decreases in value or you sell it, you should update your will accordingly.
When you have an addition to the family, such as the birth or adoption of a child, grandchild or any other family member, you should add them to your will. It can be stressful for a loved one to not be among the beneficiaries when the will goes to probate.
Going through a divorce is another reason to update your will. Your spouse may no longer have the rights to your estate. If you don’t want to or can’t disinherit them, it will be best to get professional help to make informed decisions. An update is also necessary if you wish to go back to your premarital name.
If you get married after creating a will, you should update it to include your spouse. Your child getting married is another situation for updating a will. You should get professional help to learn how your child’s inheritance can be protected from being considered a marital asset.
When a party included in your will, be it a beneficiary or an executor, dies, you may need to update your will.
Leaving an outdated will may lead to a contest. You may need to get legal help to know when and how to update your will.