Situations Where You May Need To Update Your Will
After writing your own will, the last thing you want to do is simply leave the will unchanged. Major changes may happen in your life and you will want to make sure that your will is updated to reflect these changes. If you have undergone a major change in your life, you will want to speak with a probate attorney.
Moving to Another State
If you moved to another state, you will need to make sure that your will is in compliance with the laws of your state.
Births, Deaths, and Marriages
Whenever your family experiences a change, whether it be a marriage, addition to the family, or death, you will need to update your will. Otherwise, your estate might become a mess and you may leave inheritances and bequests that you did not intend while others may be left out of the will unintentionally.
If you have had children, it's especially important to name guardians of your minor children in the event of your death. If you do not name who will have custody in the will, the courts will decide who will receive custody. Family members will not necessarily have the right to custody.
Decide Whether You Still Want to Use the Executor
When writing your will, you will need to decide who will be the executor. This is the individual who is responsible for administering your estate. However, if there is any reason why the current executor will not be able to administer your estate, make sure to update your will. The executor does not have to be a financial professional, but you will need the executor to be someone who you can trust to carry out your will.
When You Want to Leave Someone Out of Your Will
Certain family members have a tendency to receive a portion of your inheritance such as your children. However, if you would like to specifically write someone out of your will, make sure to clarify this during an update.
Update the Provision for Your Assets
When you acquire new possessions, you will need to update your will to take into account who you would like to pass your assets along to in your will. Otherwise, the courts might decide how your assets will be distributed. If you are concerned about whether you should update your will, an estate attorney will be happy to help you.
Contact a firm like Wright Law Offices, PLLC to learn more.