Are you thinking about updating your will? Have you had some big lifestyle changes that may affect your future finances? Have you always had a will but not kept up on updating it as your life has changed?
If you have answered yes to one or all of these, it may be time to change or update your estate plan.
Keep reading for some more detailed reasons why your will might need to be changed.
Your Relationship Status has Changed
In this day and age, a person’s relationship can change a lot about their lifestyle.
One of the biggest reasons to update your will is if you have had a drastic change in a relationship. This could range from getting married, getting a divorce, to losing a spouse.
Making sure your will and estate plan reflect the relationship(s) you are in is very important. If you have recently gotten married, keep in mind that a new spouse does not necessarily have to inherit everything should you pass, but it may be important to you to make sure they are reflected in your new will.
On the same hand, getting a divorce makes updating a will essential. Make sure you speak with your estate planner after a split and discuss all options for removing an ex from your estate documents.
Losing a spouse is hard. If you become widowed, you may inherit from them. This means that inheritance must be reflected within your new will or trust.
You Have Had a Child
Growing your family will reflect on your estate as well. If you are thinking about having children make sure you speak with an estate planner about how this will change your will.
Once you have had a child, making sure they are added to your will is important. Updating it each time you add a new member to your family will also guarantee should the worst happen that they are well cared for in the future.
You Have Changed Jobs
Sometimes a job change will affect your estate. A significant pay increase or a job loss should be reflected in any will you have drawn up. Make sure you speak with your estate lawyer any time a job change occurs. This will keep your finances safe in the future.
It is also important to keep in mind that estate laws are not universally recognized throughout the country. An estate law in California will not be the same as in Washington state.
If you have moved to another country you may have to change your will accordingly. Contact an estate planner immediately once you have settled in a new home.
You Now Own Property
Nothing changes your life more than suddenly becoming a homeowner. This is a significant financial change that will need to be taken into consideration when you are redrafting your will.
You will need to figure out how to pay it off should you pass. It will also need to have a set inheritor that you must document carefully.
Update Your Estate Plan Today
If you are thinking about big lifestyle changes, it may be time to create a detailed estate plan.
Having a will or plan will ensure your finances are well taken care of after you die. Making sure you work with a professional estate planner will further guarantee your affairs are set in order.
From marriage to children to owning a home, your life can change at any moment. Having a will that is up-to-date on those changes will give you the peace of mind you need.
Visit our blog if you’d like to learn more about how estate planning can affect your daily life.