When it comes to estate plans, the last will and testament plays an integral role in safeguarding your assets. Dying without a will means your estate will be administered by the court, which may go against your final wishes.
While it is crucial to have a legally binding will in place, it is just as important to ensure that your will matches your current life situation. Here are a few reasons to update your will so it continues to serve your needs.
Your financial situation has changed
An increase in your finances can change the contents of your will drastically. For example, if you list certain dollar amounts that you plan on providing your heirs, and then you accrue many more assets during your life, you will need to plan for those as well when it comes to inheritances. An influx of money can also be used for things like charitable contributions, which can be made through your will.
You moved to another state
Every state has different laws regarding will creation. If you drafted your will in one state and moved to another, there is a chance that it will not offer the same benefits. In this case, it is worth have the document reviewed by a new attorney so you can rest assured it offers the same level of protection to your estate.
You have downsized your lifestyle
Downsizing entails moving to a smaller home and selling off many of your possessions which you might no longer have a need for. If these possessions are still listed in your will, the beneficiaries of them will receive nothing upon your passing. Updating your will ensures you can provide to all your heirs as you see fit, so none of your family members are left out of the loop.
The right attorney can assist you with even the most complex estate planning issue, whether you are drafting your first will or making an update to an existing one. Feel free to reach out to our firm today to schedule a consultation to discuss your estate planning needs.