Life is full of changes. People get married, divorced and have babies every day. When your life makes a significant change, you should update your Last Will and Testament. Don’t forget to update other estate documents, too.
Are you getting married or divorced? These major events may affect who you wish to leave your property and money to. If you and your new spouse do not have Wills, state laws will determine what your spouse receives at your death. To avoid this, you and your spouse may wish to set up Wills that accurately reflect your wishes.
When you get divorced, you should start your new life with a new Will, perhaps a revocable living trust. If you do not, your ex-spouse may still be entitled to property. Special circumstances may also exist if you and your ex-spouse have children together. Be sure to discuss with your attorney what changes you should make in the event of a divorce or separation.
Did you know that your domestic partner or step-children may not be entitled to your property if you do not name them in your Will? This may be true even if you and your partner have children together. When you are in a long-term relationship, or if you have step-children,you should update your Will to take care of these loved ones.
And speaking of kids, when you welcome a new bundle of joy into the world, be sure to visit your attorney as soon as possible. You should update your Will to include your new child as a beneficiary as well as stating a guardian plan for your child in the event of your death.
Changes in property are another reason to consider a change in your Will. If you do not make changes to notate new or sold property, there may be confusion at probate. And if that new property is in a different state, different laws will apply. This may affect how your property passes to your spouse if your Will is not up to date.
Do you need to change an estate beneficiary? Whether your previous beneficiary is deceased or if you simply have a change of mind, your Will must be updated immediately. Don’t forget to name a back-up beneficiary while you’re at it, as an added protection.
Larry Parman
Attorney at Law
- Understanding Estate Planning – What is a Letter of Instruction? - April 2, 2020
- Do I Really Need an Estate Plan? - March 31, 2020
- Founding Attorney, Larry Parman, Shares a Personal and Insightful Message about the Coronavirus Situation and How the Firm is Handling It (click on the video below) - March 27, 2020
