Having a will in place is a great first step in the estate planning process. However, because life changes, altering your circumstances, it’s important to regularly update your will so that it reflects your current wishes, as well as pertains to the current status of your estate.
Below is a look at when it is important to revisit and update a will.
Update Your Will When…
- Your family or serious relationships change – When you get married (or divorced), have children (or grandchildren), or experience any other significant changes to your family unit, updating your will is a good idea. This can allow you to include new family members (or disinherit those with whom you’ve had a falling out, who have passed away, etc.).
- You move to a new state – Different states have different requirements for what constitutes a legal will, so make sure to update your will after relocating to a new state. Additionally, if you’ve sold a home and/or purchased a new one during this move, updating your will is crucial to ensuring that your current assets are included in it (i.e., the new home, rather than the home that has been sold).
- Your assets change significantly – When you inherit significant property, start a business, or even experience a dramatic loss in assets, it will again be important to revise your will to be reflective of your current holdings. Similarly, if you take out a new insurance policy or start a new pension plan, updating your will is also crucial.
- There are changes to state or federal tax laws – These laws are regularly updated, and such updates could impact your estate plan. So be sure to revisit your will and update as necessary when the laws change.
If you don’t experience any of the above changes (and the tax laws have not changed), then it’s generally a smart idea to review your will and update it, as necessary, once a year. If you are in the habit of doing this, you can ensure that your will offers the greatest protection and support for your loved ones.
Santa Clarita Estate Planning Attorney at the Law Offices of Darrell C. Harriman
Do you need help devising or updating a will? Or do you need assistance with any estate planning matter?
If so, the trusted Santa Clarita estate planning attorney at the Law Offices of Darrell C. Harriman is here for you. Since 1980, our San Fernando estate planning attorney has been dedicated to providing his clients with personalized, highly responsive service, as well as superior representation for their important legal matters. Let our lawyer put his experience and skills to work helping you devise the best estate planning solutions for you and your family.
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