Protecting Your Spouse & New Family with an Updated Will

One of the most important steps you can take for your spouse and your new family is updating your will. Although it takes a little planning – the rewards of security for your family are more than worth the effort. In this article we will look at what you need to consider and help point you down the right path. Read on to learn more.

Table of Contents

Why Is It Important To Update Your Will?

When you enter a new marriage or partnership, in many states the distribution of property changes should you pass away without a will in place and that may not be reflective of your specific wishes. Failure to do this may result, for example, in a court determining the guardianship and inheritance. With so many blended families, children from prior relationships as well as your new family – if your wishes are honored it will help reduce potential disputes and fair distribution of your assets.

Five Primary Factors

Spousal Protection: It is essential to state in clear terms the portion of your estate you wish your spouse to receive.
Children and Guardianship: Ensure there is a named guardian, as well as an alternate, for any minor child and ensure that funds are specifically attributed for their care, health and education.
Beneficiaries and Distribution: In this category you must list your spouse, children as well as other beneficiaries from your inheritance.
Executor: Name someone you trust with a level of responsibility you feel confident in that they will carry out your wishes. Many people choose their spouse with a named backup as well.
Trusts: The establishment of a Family Trust or Living Trust can avoid issues with probate and minimize delays in the transfer of your will. A Minor’s Trust keeps assets on behalf of children until they are of an age they can manage money in a responsible manner.

Important Steps To Take Now

Take an inventory of your assets: Remember to include your home, bank accounts, investment accounts, life insurance as well as your personal property.
Beneficiary Designations: Make sure your life insurance and retirement accounts are updated. It is not uncommon for these to be overlooked, and they will often override the wishes of a will.
Work with an Estate Planning Attorney: Many states (including Arizona) are community property states, and this needs to be addressed to ensure proper distribution.
Powers of Attorney: Make sure your spouse can act on your behalf regarding healthcare and financial matters should you become incapacitated.

Avoid These Common Mistakes

Not updating your will following marriage and the birth and adoption of children.
Leaving it to the court to name guardians instead of designating them yourself.
Retirement and life insurance accounts do not flow through will as a matter of process. You must ensure the correct beneficiary forms are updated.
In a modern economy it is surprising how many people overlook their crypto accounts and other online accounts.

How Can An Estate Planning Attorney Help Me?

Specialized Legal Guidance and Expertise: Being thoroughly knowledgeable in state and federal regulations and an EPA can ensure you avoid common problems and ensure your estate plan is not only directed at the needs of your family but is also legally correct. Over time as your life further changes, they can help you every step of the way – even when there is a chance on inheritance law.
Understanding Your Situation: Estate plans are as individual and unique as families! From making sure your spouse and children are fully protected to dealing with dependents with special needs, an EPA can navigate you through complex issues such as minor’s trusts, charitable plans and special needs trust you may be unaware of.
Avoiding Probate and Unexpected Costs: An EPA can formulate your estate so the time the will spends in probate is minimized or even in some cases, eliminated. An EPA can also help you preserve the maximum of your legacy to those you wish to leave something to with smart tax strategies.
Minimizing Disputes and Legal Charges: When documents are prepared by an EPA it vastly reduces the risk of your wishes being contested and maximizes the enforcement of your will. In the case of disputes, EPA’s can act as mediators or legal counsel contributing to what is normally a smooth resolution of any misunderstood issues.
Fiduciary Support: Those tasked as trustees, executors and power of attorney will often need guidance and an EPA can assist in this. We all want to protect what matters the most and ensure there is peace of mind for everyone involved.

An EPA assists in ensuring your wishes are legally enforceable, offering protection to your spouse and new family, A great EPA like those at Ogborne Law can help you ensure your will be carried out as you wished!

Putting An Estate Plan In Place

Life is full of changes and unexpected events. Ogborne Law estate planning puts protection in place for your family and your assets. In a perfect world, estate planning would be completed before and as part of marital and divorce planning. Also, estate planning would be changed following every child’s birth and kept up-to-date throughout your life.

It’s never too late to safeguard the people and the property you value.