Preparing a Will can be a tedious task. Therefore, once you create it, it can be easy and natural to put it at the back of your mind. However, your will might need changes from time to time as you or your family goes through changes. When you encounter new circumstances, you should consider revisiting your Will.
There are many reasons to update or modify a Will. Knowing what these are reasons can help you avoid financial problems in the long run. If your life has gone through significant changes and you want to modify your Will, a real estate attorney monroe nc can suggest what to do.
You have a new member of the family.
Children make a huge difference in your estate plans. Whether it is your first child or third, or a new grandchild, you may want to pass down your assets to them. In order to do this, you must include them in your Will. Even if you have some of your children or grandchildren listed as beneficiaries, the newly born ones are not automatically added. Moreover, you can also specify who will become the guardian of your kids when you pass away.
You have moved to a different state.
If you have moved to a different state after creating your Will, it is time to change your plan. When you create a Will, it is done according to the laws of that particular state. Each state has different laws. Therefore, you must hire an attorney to ensure you do not unintentionally violate the laws. Your new state’s rules may be different from the old one.
There are changes in your assets.
Your properties make up your estate plan. If you have bought a new home or another significant piece of property, you should revisit your estate plan. Changes like this will significantly affect your Will. You should make sure that all of your assets are included in your Will, so your family is not left wondering about the ones that are not mentioned.
Any changes in the number of members in your family require making changes in an estate plan. When you get married, you need to include your spouse in your Will. If you were married to someone else before them, you must remove their name and replace it with your new spouse. The same thing goes for divorce. When you get divorced, you may not want to give your assets to your ex-spouse.