Checklist: Reasons to Update Your Will & Estate Planning Documents
Once they create a will, a lot of people are going to place it in a safety deposit box or leave a copy with their attorney and put it to the wayside. Nevertheless, there are at of reasons to go over i and update it and other estate planning documentation.
Maybe you’ve found the love of your life and want to guarantee they are included in your estate plan, either prior to or following marriage. The time is now to update your will.
Adopted a child or had a baby? The time is now to update your will. Are you getting a divorce from your wife or husband? The time is now to update your will.
Did you just come into a bunch of money or other types of assets? Now is the time to review and probably change your will. Whereas the reasons may be endless, below is a list of a few more potential life changes that may motivate you to modify your estate plan.
Below Is a Way to Get Started Updated Your Will & Estate Planning Documents
____ The individuals you have named have passed away.
____ New people need to be named in your will (such as a birth or adoption).
____ Divorces, marriage, or remarriage.
____ Updated state laws. You need to routinely check to see if your state has enacted new laws that affect your estate planning documentation. More significant, should you move to another state, don’t assume that your will created in your prior state is in accordance with the requirements of your new state. Every state has their own legal requirements for creating a will.
____ Modifications in guardians, executor, or trustees.
____ Children becoming legal adults.
____ A significant growth or reduction in the value of your estate.
____ The purchase or removal of an important asset.
____ You should speak with an attorney about going over and updating your estate plans before reaching 70 1/2 years old when you have an IRA, 401(k), or other eligible plan that requires you to start to take allocations at age 70 1/2. The beneficiary that you named is going to have an irrevocable effect on both your and your beneficiary’s required allocations.
____ Time passing by is reason enough. You should go over your will and estate planning documentation every 3 to 5 years.
Reasoning for Updating Your Will: Additional Resources
If you’ve read this post and still feel like you’re craving for more information, you’re in luck. When you are planning your estate or bringing your will up to date, the wisest thing to do is speak with an estate planning attorney near you to guarantee you are following the laws and rules in your respective state.
Need Assistance in Updating Your Will? Speak with an Attorney
Whereas there may be a thousand and one reasons for updating your estate plan, you must always understand the law prior to altering your wishes. What’s the best method to do this? Just get a hold of an estate planning attorney near you to discuss the extent of your life change or other substantial, triggering occurrence.
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Staff, F. L. (2021, March 3). Checklist: Reasons to update your will & estate planning documents. Findlaw. Retrieved December 1, 2022, from https://www.findlaw.com/estate/wills/checklist-reasons-to-update-your-will-amp-estate-planning.html
Attorney Arizona
Here at Ogborne Law, we are proud to include estate planning among our services. Your estate planning attorney will work closely with you to draw up all the documents you’ll need to communicate your wishes to the court. We’ll take the time to answer all of your questions and guide you through this important process. If you’re ready to start your consultation with Ogborne Law, visit our Estate Planning Consultation request page.
There’s nothing better than the peace of mind you will have knowing you’ve protected your family at a time when they need it most. Let us help. Schedule a consultation or contact Ogborne Law, PLC of Arizona today.
