When You Should Revise or Review Your Will
There are thousands of people who live their lives and die without having the proper documents in place to protect their loved ones. And there are those who do have a will in place but don’t put much thought into it after drafting it. This brings up the question, “How often and when should we revise our will?” Some people put their will or estate planning documents in a safe place for years without making any changes as there are significant changes in their lives. There are several reasons for you to look back and make necessary changes to these documents and Investopedia has a list for you to consider because of expected of unexpected life-changing events.
New People Should Be Named in Your Will
If there is a new addition to your family since you first drafted your will, it pays to take a look at the document just to make sure it is worded in the correct manner and to consider reviewing it with an attorney to see if any alterations need to be made.
You Get Married or Divorced
There may be a time that you decide to get married again and want to include your new spouse in your will or living trust. After a divorce, the last thing you may want to do is leave any money or rights to your ex in a time you may become sick or die. If you’ve gotten divorced since you last signed a will, consider discussing with an attorney what changes your will might require.
People You’ve Named Are Now Deceased
Whether your spouse, family member, or child, unfortunately, passes away, there should be changes made in your will. Wills are written or should be written in such a way that there are backups for everything. Let’s say, if your spouse were to predecease you, your assets might go to another relative.
It’s Just Time to Make Changes
You should review and make necessary changes to your will every few years. Many peoples draft a will when they are young or get married at a young age. It’s great to start planning at an early age, but keep in mind that what seemed appealing when you were young may not work when you are older according to Investopedia. If you have a change of heart, review your will and speak with your attorney.
Do You Need Help Updating Your Will?
If you need to make changes in your will, contact a knowledgeable estate planning attorney at Edmondson Law, PLLC. We can assist you in creating or revising any documents to be sure your affairs are in order. Contact us by calling 972-442-8326 to schedule an appointment with one of our attorneys.
Information, Not Legal Advice. We provide the information on this website as a public service. The legal landscape is constantly changing and being modified by state law and case law. As a result, we cannot promise that this information is always up-to-date and reflective of the most current jurisprudence.
We do not intend this information to be legal advice. By providing this information, we are not acting as your lawyer. If you need legal advice, you should contact a lawyer through our number (972) 442-8326 or contact another attorney of your choosing.