When Should You Change Your Will?Wednesday, April 15th, 2020, 9:01 am
Your will is one of the most important documents you’ll ever write. It outlines your final wishes and what you want done with your assets. While a lot of people only think about writing their will once, it’s actually a document you should update from time to time. When should you change your will? Here are a few different instances when you may want to make changes.
You Gain or Lose Assets
Any time you’ve gained new assets that hold any sort of value, whether it’s financial or sentimental, you may want to update your will to include them. This is especially true if you want the asset to remain in the family or to go to one specific heir. You may also want to update your will if you’ve lost assets. You want your will to closely match your actual assets and estate so there is no confusion.
You Have a Change in Marital Status
If you get married, get divorced, or enter into/exit from a serious relationship with a partner, you should update your will to reflect this change. Even though a surviving spouse is normally protected legally, you may want to give them specific items or a percentage of your assets. When you get divorced, you may then want to fully remove your ex or change what you’re leaving them. The same is true when you have a domestic partnership. Because you’re not married, your partner is likely to get nothing from your estate if you die unless they are named in your will.
You Have Children
When you have a new child, it’s time to update your will to include them. This may be a small change indicating that your estate should be divided X different ways instead of Y. You may also want the new heir to receive specific items. When adopting a new child or when marrying someone with children, you may also want to update your will to include these new children. Sadly, your will also needs to be updated if one of your children dies.
There are a number of other reasons you may want to update your will, including adding or removing heirs after a falling out, changing guardianship of minor children, adding a charity, and more. The professionals at Michael F. Kanzer & Associates can assist you with any changes to your will. Contact them today to arrange a free consultation.