When to Quickly Update Your Will

For most people, writing a will is very serious business. But from a practical standpoint, it’s just something you want to have already taken care of. Your will determines where your assets go and your final wishes after you die. Even if you don’t own much, your will can deliver final messages and pass on a small number of keepsakes to your loved ones. As you grow older and more successful, maintaining your will can ensure that your spouse, children, and other relatives get what you intend if you pass away suddenly.

And after you write the first will, it’s important to keep it updated to apply to your current assets and wishes for loved ones. So today, we’re highlighting the points in life (ie: big changes) where you should quickly update your will to consider new people or circumstances.

Getting Married

When you choose to join your life to someone else, your will should reflect this. Your spouse already has some rights on the event of your death, but a will makes sure you get to decide exactly how much of your estate goes to them or other relatives. And what, exactly, is divided up.

Birth of a Child

Bringing a child into the world also comes with some estate planning responsibilities. Naturally, you will want to update your will to make sure your child is provided for if one or both parents pass away early. There are also probably a few things you want to pass on to them personally from your own childhood or generational history.

Buying or Selling a Home

Adding property to your assets is a big deal in estate planning. If you buy a house, that house should then be bequeathed in your will. And if you sell a house, you’ll want to update accordingly. Removing bequeathal of the house and adding bequeathal of the money. 

Child Getting Married

Many people decide to update their wills when a child gets married. You may want to change your bequeathals now that they are adults, or to include or exclude their spouse in what you might leave your child if you pass away unexpectedly.

Birth of a Grandchild

You may also want to update your will to include any new grandchildren that are born along the way. These new members of your family will appreciate having something remember you by and you might even be able to leave them with a college fund.

Retirement

Finally, when you enter your retirement, your entire approach to finances will change. You may also have a few new thoughts as to how you want to plan your estate. 

Any time your life or assets significantly change, you may want to update your will. Or, if you don’t yet have a will, write one. For more information on how to prepare your will and plan your estate, contact us today!

And after you write the first will, it’s important to keep it updated to apply to your current assets and wishes for loved ones. So today, we’re highlighting the points in life (ie: big changes) where you should quickly update your will to consider new people or circumstances.

Getting Married

When you choose to join your life to someone else, your will should reflect this. Your spouse already has some rights on the event of your death, but a will makes sure you get to decide exactly how much of your estate goes to them or other relatives. And what, exactly, is divided up.

Birth of a Child

Bringing a child into the world also comes with some estate planning responsibilities. Naturally, you will want to update your will to make sure your child is provided for if one or both parents pass away early. There are also probably a few things you want to pass on to them personally from your own childhood or generational history.

Buying or Selling a Home

Adding property to your assets is a big deal in estate planning. If you buy a house, that house should then be bequeathed in your will. And if you sell a house, you’ll want to update accordingly. Removing bequeathal of the house and adding bequeathal of the money. 

Child Getting Married

Many people decide to update their wills when a child gets married. You may want to change your bequeathals now that they are adults, or to include or exclude their spouse in what you might leave your child if you pass away unexpectedly.

Birth of a Grandchild

You may also want to update your will to include any new grandchildren that are born along the way. These new members of your family will appreciate having something remember you by and you might even be able to leave them with a college fund.

Retirement

Finally, when you enter your retirement, your entire approach to finances will change. You may also have a few new thoughts as to how you want to plan your estate. 

Any time your life or assets significantly change, you may want to update your will. Or, if you don’t yet have a will, write one. For more information on how to prepare your will and plan your estate, contact us today!

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