When to Update Your Will
It is important to acknowledge the importance to both you and the ones you love the importance of writing a will, no matter how stress inducing it may be. Alleviating some of the difficulties that may result in the event you pass away by having a will in place can prevent your loved ones from guessing when it comes to your final wishes. Unexpected events can happen, making it all the more important to plan for your family’s future by putting together a will. Once you have created a will, it’s important to keep it updated in case you experience changes in your situation. The process can be easier to navigate, and you can rest assured that it is legally sound if you choose to work with an attorney, like an estate lawyer Sacramento can trust.
What to Include in Your Will
There are a number of things that can trigger a person to either update or draft their will. An estate planning attorney can be most beneficial in helping you figure out how to get things started. In some situations, events that you experience that are life changing, can prompt you to create a plan with your final wishes. The following situations are good indicators that it’s time to contact your attorney and update your will.
You will want to incorporate your spouse into your will once you get married. If you are in a long term relationship or remarried, but your estate plan reflects a previous marriage or partner as the recipient of your assets, they still may stand to inherit those assets if you were to pass away. This is regardless of whether or not you have a new partner. You may be required to update your will following marriage depending on the state where you live. In some states, if you do not have a will in place your spouse could stand to inherit your estate.
You will likely no longer want your ex to inherit your assets if you are no longer in a relationship with them. This is an important reason to update your will. It will be important to include information regarding custody or guardianship of your children in the will. When completing an estate plan with minor children, you will want to work with an estate planning attorney to put into place plans for guardianship and a trust for them.
Sustaining a future for your child is what you sign up for when it comes to giving birth or adopting a child. Children have the ability to inherit money or properties that are assigned to them but, as minors, they don’t have the ability to assume ownership. When estate planning, establishing a trust should be incorporated into the plan.
When you Make a Major Purchase
It will be important that you include in your will any new investments or large purchases including:
- Houses or property
It can be an incredibly stressful process to come up with an estate plan. Working with an estate planning attorney will allow for you to prepare your loved ones in the event that the unexpected occurs.
Thanks to our friends and contributors from Yee Law Group for their insight into updating your will.