Estate plans are incredibly important to preserving your legacy and passing on your assets and wealth to those that you want to benefit from it. It is the will that is most essential in this regard, as it is a legal document that clearly lays out your wishes and demands for how your estate will be distributed and handled. Without a will, your estate could descend into chaos and confusion.
With that in mind, though, just having a will isn’t enough. You will want to have trusts in place as well to secure your estate. In addition, once you have a will, you will need to frequently update the document. If you don’t update it, your will may not adequately reflect your wishes.
Take some of these circumstances as examples:
- What if you get married or divorced? You would want your new wife or husband to be included in your will, and you may want to take your ex-wife or ex-husband off your will.
- What if you have children or grandchildren? Or what if your children or grandchildren turn 18? These are life events that should be reflected in your will.
- What if your estate’s value dramatically changes? What if you gain a significantly valuable asset, or what if your estate loses a lot of value? These circumstances should warrant a change in your will.
- What if your state changes laws pertaining to estates? Or what if a lot of time passed since the last time your checked your will? Again, these are circumstances that should get you to review your will.
Source: FindLaw, “Checklist: Reasons to Update Your Will & Estate Planning Documents,” Accessed Aug. 16, 2017