All estate plans start with a will. This is a very important legal document that outlines the final wishes of the testator. The will can provide instructions on who should receive assets. It can also declare guardians to look after minor children.
Life is not static, and this means that an estate plan cannot remain static either. A will should really be updated at least every few years. Testators may also want to update their will in the following circumstances.
Changes in the family
Family members usually make up the bulk of beneficiaries in a will. This can include children, grandchildren, siblings, spouses and extended family members. Nonetheless, what if the testator has recently divorced? They may no longer want their spouse to be a beneficiary. Or, the testator may have had the honor of welcoming a grandchild into the family. They will most likely want to include the grandchild in their will.
A will can and should be updated any time the family dynamic changes significantly.
Changes in assets
Finances are another area of life that rarely remains static. People change careers, build businesses, come into inheritances of their own and much more. A significant change in assets or financial standing is another good reason to update a will. It’s important to ensure that your estate plan covers all of your assets to avoid confusion about who gets any that are not covered.
A will is more than a one-time event. It needs to be updated according to your current situation. Seeking legal guidance can help you to make the appropriate changes to your estate plan.