Life is full of changes, and some of them are big enough that they affect the people and things we care about most. One of the most important tasks you should consider during major life changes is updating your will. Your will is a legal document that outlines how your property and assets should be distributed after your death. If you don’t update it regularly, your wills might not reflect your current wishes, which can lead to confusion and disagreements among your loved ones.
In this blog, we will explore why it’s important to update your will after major life changes, how to do it, and what specific changes in your life should trigger an update to your will. By the end, you will understand how to keep your will up-to-date, ensuring it reflects your wishes and helps protect your loved ones.
Why Updating Your Will is So Important
A will is not something you can just write once and forget about. As life goes on, your circumstances will change, and so might your wishes. When that happens, your wills should be updated to reflect those changes. A will that hasn’t been updated can lead to problems after your death. Your loved ones might be left guessing what you would have wanted, and in some cases, they may even end up fighting over your assets.
A well-drafted, up-to-date will ensures that your estate is divided according to your wishes, reduces the chance of family disputes, and makes the process smoother for your beneficiaries. It’s a way to ensure peace of mind both for you and your loved ones.
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Life Changes That Require an Update to Your Will
There are several life events that should make you think about updating your will. These events can dramatically change your family structure, your assets, or your overall priorities. Here are some of the major life changes that should trigger an update to your wills:
1. Marriage or Divorce
One of the most significant life changes that should prompt you to update your will is getting married or divorced. If you get married, you may want to update your will to include your spouse as a beneficiary, particularly if you want them to inherit certain property or assets. If you divorce, you should consider removing your ex-spouse from your will to ensure that they do not inherit anything you did not intend for them to have.
In many places, a divorce automatically revokes any provisions in your will that leave assets to your ex-spouse, but it’s always a good idea to review your will after a divorce to ensure everything is in order.
2. The Birth of a Child or Grandchild
If you have a child or grandchild, you wills probably want to make sure they are included in your will. This might involve setting up a trust for their benefit, naming guardians for them if something happens to you, or leaving specific assets to help with their education or future.
Without making these updates, a child or grandchild may not be mentioned in your wills and could miss out on receiving anything you may have wanted to leave for them.
3. Death of a Loved One
The death of a loved one can change your financial and emotional priorities. If someone named in your will passes away, you may need to update your will to reflect this loss. For example, if your spouse or a child passes away, you might want to revise your will to reflect how you want to distribute their share among other family members or to update the list of people who will inherit from you.
It’s also a good idea to check the guardianship arrangements in your will if a named guardian has passed away. You may want to choose a new guardian for minor children or pets.
4. Buying or Selling Property
When you buy a new home or sell an existing one, your assets change, and your will should reflect that. If you’ve purchased a new property, you might want to make provisions for it in your will, such as naming a beneficiary who will inherit the property or ensuring that your estate has enough funds to cover any mortgage or debts on the property.
Similarly, if you sell a property, update your will to remove any reference to that property or redistribute the proceeds from the sale in a way that fits your current wishes.
5. Starting a Business or Receiving a Significant Inheritance
Starting a business or coming into a large inheritance can change your financial situation significantly. You may want to create specific provisions in your will for how to handle business assets or pass the business on to a certain person or group of people.
6. Changes in Health
As you age or experience health changes, it’s essential to make sure your will reflects your current health status and future needs. If you develop a serious illness or face the possibility of incapacitation, you might want to update your will to appoint a healthcare proxy or living will to ensure that your medical wishes are followed if you are unable to make decisions for yourself.
7. Changing Your Beneficiaries
Sometimes, your relationships with people change over time. If you want to change the people who will inherit your assets, you’ll need to update your will. For example, if a close friend becomes estranged, you may want to remove them from your will. Alternatively, you might want to add someone new, like a close friend, relative, or charity, as a beneficiary.
Your will should always reflect who you want to benefit from your estate, so it’s important to keep this updated as relationships evolve.
8. Financial Changes or Significant Debts
If you experience a significant change in your finances, like gaining or losing a substantial amount of money, you may need to revise your will. If you incur significant debts, you may want to make sure your will includes instructions for handling those debts so they don’t become a burden to your loved ones.
How to Update Your Will
Here’s how you can go about updating your will:
1. Review Your Current Will
Before making any changes, take the time to carefully review your existing will.
2. Consult an Attorney or Legal Professional
If you’re unsure about how to update your will or need assistance with the legal language, it’s always a good idea to consult an attorney.
3. Make the Changes in Writing
To make your changes official, you’ll need to document them in writing. A codicil is a simple amendment to your existing will, but if the changes are substantial, you may need to create a new will altogether.
4. Have Your Will Witnessed
Each state or country has its own rules about who can serve as a witness, but generally, witnesses should be unbiased and not beneficiaries of your will.
5. Store Your Updated Will Safely
Ensure that your loved ones know where to find it when the time comes.
Conclusion
Remember, it’s always a good idea to consult with a legal professional when making significant changes to your will, and keep your will in a safe place so it’s easy to find when needed.
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