Signs That You Need To Update Your Existing Will
When you’re young, it feels like you could live forever. As you start to age and experience more loss, you will start to see that life is extremely precious and short. Making the most of your short time here on Earth should be one of your top concerns. Leaving the people around you with a minimal amount of worry after your passing is one of the main reasons you should have a will drafted.
Some people think that once a will is drafted, it can’t be changed. In reality, you can alter a will anytime you want if significant life changes occur. Below we will discuss situations that should motivate you to change your will.
You’ve Just had Your First Child
Becoming a parent is a dream that most American adults have. Every year, over 3.6 million babies are born in the United States. When you get the first look at your little bundle of joy, you will quickly realize that your life has changed. Dictating things like who you want to be your child’s guardian in your will is one of the main things you need to focus on.
You will also need to name a trustee to handle any trust you create for your child. However, you need to leave your will a bit flexible to make adding future children a bit easier. If you want to make the right changes to your will, then consulting with a lawyer is crucial.
A Recent Divorce is Definitely a Reason to Change Your Will
When a couple gets married, they dream of being together forever. The sad reality is that many marriages will end in divorce. If you have recently ended your marriage and the ink is drying on your divorce papers, then it is time to schedule an appointment with a trusted lawyer to change your will. Making sure that your ex-spouse no longer has any rights to your estate is vital.
The last thing you need to do in a situation like this is to drag your feet. Clearly identifying new beneficiaries will give you peace of mind. By making these changes, you can make sure your assets go to the right people following your death.
You’ve Inherited a Large Sum of Money
Dealing with the death of a loved one is never easy. If a close relative had their proverbial ducks in a row before they passed, then they probably had a will to dictate how their estate needed to be divided. If you’ve recently inherited a large sum of money from a recently deceased relative, then you need to alter your will immediately.
Your lawyer can help you create things like a donor-advised fund. With this fund, you can shield some of your money from taxes and give to a cause you believe in after you pass.
Are you going through one or more of the situations mentioned here? If so, it is time to change your will.