A lot of people spend a great deal of time, energy and money to have their legal documents ready, only to stash them away once they have signed them. A will usually has a similar fate. This is, obviously, due to the fact that it is hard to envision one’s passing away – and this reason is which makes the whole process grueling enough.
However, the importance of these documents cannot be undermined by personal feelings, and it is necessary to keep a will up-to-date. It is true that situations and circumstances continuously change. Your will should also change accordingly to match these changes.
Here are the things you need to consider when amending your will.
Changes in Your Family
Any changes in your family affect your will, and you should keep a track of any of these changes to ensure your will keeps up with them. Birth of grandchildren, a marriage or a divorce are the few of the things you need to consider whenever updating your will. Proper allocation of your possessions can only be ensured by regularly updating your beneficiaries whenever the need to do so arises.
Changes in Your Assets
Any sort of changes in your assets should be updated accordingly in your will. Changes in properties, retirement plans or businesses can happen anytime. You may not live in the same house as you did when the will was created. You may also have launched a business recently.
Changes in Your Location
You may not reside in the same state as you previously did. It is a great idea to consult an attorney in your new state to seek advice regarding amending the will. Estate planning requirements as well as will laws range from state to state. You should make sure your will complies with the laws of your new state.
Changes in Law
State law is among those variables that constantly change. These may include the tax-exemption amounts the descendants can leave for the family. Keep checking the laws in order to be aware of any changes that may have taken place.
Changes in Personal Conditions
You may have become involved with a charitable institute after the will was created. It may be the case that upon your passing, you may want to provide a part of your possessions to these institutes or foundations. You can amend your will to include this addition.
Updating a will may appear to be a tedious process, and there is no need to update it after each and every big event. However, it is important to take it out once in a while to make any necessary changes that may be required based on your specific situation. Develop a habit of going through your will at least on an annual basis; after all, you are among those 36 percent of Americans who have a will, and it is ultimately your job to make sure it is the way you want it to be.