When Should You Update a Will?
No one likes to think about death, but it’s something that we all have to face at some point. If you die without a will, your assets may not be distributed the way you would have wanted them to be. So, when is the right time to update your will? There is no definitive answer, but there are a few factors to consider.
After Marriage
If you get married, you will likely want to update your will to include your new spouse. If you don’t, they may not inherit anything from you. You may also want to consider updating your will if you have children from a previous relationship. You can use your will to specify how you would like your assets to be divided between your spouse and children.
After a divorce, you should also update your will to remove your ex-spouse as a beneficiary. If you don’t, they could still inherit from you despite the fact that you are no longer married.
If You Have Children
It’s important to think about who will care for your children if something happens to you. If you die without a will, the court will decide who gets custody of your children. This could be your spouse, another family member, or even a complete stranger. By putting your wishes in a will, you can make sure that your children are taken care of by the people you want them to be.
If You Move to Another State
If you move to another state, you should update your will to reflect the change in location. The laws governing wills and estates vary from state to state, so it’s important to make sure that your will complies with the laws of the state where you live.
When Your Assets Change
You should also update your will if there are changes in the value of your assets. For example, if you sell a piece of property or receive an inheritance, you will want to update your will to include these changes. This will ensure that your assets are distributed the way you want them to be.
This also includes buying a piece of property. You don’t necessarily need to include the property in your will, but if you want a specific person to inherit it, you should put that in your will.
Changes in Beneficiaries
You may also want to update your will if there are changes in your beneficiaries. For example, if someone you named as a beneficiary dies, you will need to remove them from your will. Otherwise, they could still inherit from you even though they are no longer alive.
Executor Can No Longer Carry Out Their Duties
Another time to update your will is if the executor named in your will is no longer able to carry out their duties. This could be for any number of reasons, such as if they have passed away or become incapacitated. You will need to name a new executor who can take on the responsibility of carrying out your wishes.
Changes to the Laws in Your State
If there have been changes to the laws in your state, you may also need to update your will. For example, if the laws regarding inheritance have changed, you will want to make sure that your will is still valid and in compliance with the new laws.
Bottom line
There is no set time frame for when you should update your will. However, it’s important to review your will on a regular basis and make changes as needed. If you have any major life changes, such as getting married or having children, you should definitely update your will. And, if there are changes in the laws in your state, you may also need to make some revisions. By keeping your will up-to-date, you can ensure that your assets are distributed the way you want them to be.
Making changes to your will is not something that should be taken lightly. However, it’s important to keep your will up-to-date so that your assets are distributed the way you want them to be. If you have any questions about whether or not you should update your will, you should speak to an attorney who specializes in estate planning. They can help you make the best decision for your situation.
“If you don’t have a will, the state will decide how your assets are distributed.”
This is one of the most common misconceptions about intestacy (dying without a will). In reality, if you die without a will, your assets will not automatically go to the state. Instead, they will be distributed according to the intestacy laws of your state. These laws vary from state to state, but generally speaking, your assets will go to your closest relatives. If you have no living relatives, your assets may go to the state.
It’s important to note that even if you have a will, the state may still be involved in distributing your assets. This is because the probate process (the legal process for distributing a person’s assets after their death) is overseen by the courts. However, if you have a valid will, the court will generally follow your wishes in distributing your assets.
The bottom line is that if you want to make sure that your assets are distributed the way you want them to be, you need to have a valid will. If you don’t have a will, or if your will is not up-to-date, your assets could end up going to someone you don’t want them to go to.
If you’re not sure whether or not you need to update your will, the best thing to do is to speak to an attorney who specializes in estate planning. They can help you understand your options and make the best decision for your situation.