When to Update Your Will

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A will is your ironclad way to disperse your assets to loved ones as you wish. Here are a few of the top reasons you may need to update this important document. 

Change in Marital Status

If you get married after a will is already in place, it’s important to update your beneficiaries to include a spouse. Most states have laws in the place where a spouse will receive the estate if you die without a will, but the process can be more difficult and lengthier. A divorce would be another change in marital status that requires a will to be doctored. You will need to address their status as beneficiary, estate executor and sometimes as guardian to your children. If you have remarried but have children from a previous marriage, you can also update your document to include the kids and new spouse. A financial advisor is a great resource who can help you create a strategy to leave behind something for everyone. 

Changes in Financial Situation

There may come a time where you decide to increase or decrease the inheritance you are leaving behind for loved ones. For instance, if you receive a large sum of money, it’s possible to alter your will to add a new beneficiary or make an increase towards those currently on your list. On the other hand, if you experience financial misfortune, it’s necessary to adjust the document to pay out less and ensure your estate’s obligations can still be met. 

Changes in Tax Laws

It can be hard to stay up-to-date on the constantly changing tax laws, but it’s necessary to keep your final document in good legal standing. Especially if your will takes actions to address estate tax issues, it’s a good idea to receive periodic reviews by an attorney. 

Ask for Advice

Don’t be afraid to ask your legal expert for advice on other moments that may benefit your last will and testament. Remember, this document is incredibly important to keep accurate as it articulates your vision and solidifies your legacy.

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