Instances That Should Have You Re-Examine And Possibly Amend Your Will
Irrespective of your age, if you are an adult that has amassed money and assets in the course of your career, it is essential to draft a valid will with a reputable lawyer. This document is the deciding factor between your property being divided per or against your wishes. Nevertheless, once you have this document drawn up, signed and subsequently stored safely, it does not automatically mean that the initial draft should be your final estate plan.
Many things can change in several years. And if your will does not reflect these changes, you can be guaranteed that your money and assets will not be prorated as you would want after your demise. While not comprehensive, here are just a couple instances that should have you re-examine and possibly amend your will.
The dynamics in your family have changed
Family relationships tend to evolve. For example, if you drafted your will in your late twenties or early thirties, you likely will have substantially different family dynamics a decade or more down the road. A common change that some people experience is the addition of new children to their family, whether they are biological, adopted or even step-children. If you want to ensure that these kids are cared for when you are around, you should review the previous draft of your will and amend it as necessary.
On the other hand, your relationship status may change years after you had drafted your initial will. Perhaps you get married and want your spouse included in your will. Alternatively, you may have drafted your will when married, and after a bitter divorce, you do not want your ex to receive any part of your estate. Whatever the case, consider how your relationships have transformed over the years to determine if it is indeed time to review and modify your will.
The scope of your estate has changed
The great thing about planning your estate with a wills and estates lawyer is that you can be as specific as you want about who gets to inherit your assets and money. For instance, you can specify that each heir will inherit a definitive figure of money. However, if you are to run into a rough patch that depletes your cash, your chosen executor will run into problems since the figures cannot be met. Instead of leaving this up to chance, it is advisable to modify your will in accordance with the current state of your finances. Whether the scope of your estate has grown exponentially or has dwindled considerably, the changes should be taken into account in the final document.
Reach out to a wills and estates lawyer for more information.
Share
