There is a good chance that, throughout your life, you will want to revise your will. There are many reasons a person may want to update their will, and in this article, we’re going to look at a few. But first, before sorting out the details of your will, you’ll want to be sure you have a legally binding document.
To make a will legally binding requires three things: it must be in writing, it must be signed and dated by the author, and it must be signed by a witness. However, there is more to creating a will than just those items, and it is highly recommended to consult an estate attorney when updating your will.
When to Update Your Will
There are several life events that could trigger the need to revisit your last will and testament, especially when those events involve people close to you. A wedding or a divorce, for example, would necessitate changes to your will. Children and grandchildren could also trigger a need for updates to your will as you make considerations for their future.
You may decide to leave something to a favored charity after your death. As interests and priorities change, you may also wish to change the charity you support, in addition to making changes to beneficiaries. In this case, to properly reflect your wishes, you would need to update the will.
Working With an Estate Attorney
A change in assets, such as acquiring a new business, or an increase in assets, could trigger the need for both tax planning and estate planning. If you’ve amassed a substantial amount of wealth, you may wish to also consider a trust. These matters are best dealt with by an estate attorney. These professionals are best equipped to offer advice on getting your affairs in order and are familiar with the various requirements. For example, they would be able to advise you on whether or not you should set up a trust in addition to your will. For matters of asset distribution, a trust can be the preferred mechanism.
When it’s time to update your will, contact us to schedule a consultation.