Will inheritance seems like a simple concept and a once-in-a-lifetime task, but you’re mistaken if that is what you think about your will? There are many common myths about writing a will, as many people, while they are young, believe they have ample time to write their will or that writing a will is a task you should worry about when you are old. People who also write their will at an early age tend to forget about it and put it for safekeeping. But what they don’t realize is that this is the biggest mistake they are making.
Nobody knows what the future holds, no matter how much planning you do in your life; you never know when life will take an unexpected turn – in such a situation, you don’t want to regret not being more vigilant about legal documents while you still have. And this is why people are advised to update their will at certain instances, at different times in their life, to avoid any uncertainties.
If you have also already written your will and haven’t updated it in a while, then you must consider updating it – here are 4 instances when you should update your will.
4 Reasons/ Instances to Change Your Will
1. You Have a Child
There is no doubt why it is important to change your will once you have had a child; in fact, this is the time when most write their first will—becoming a parent changes everything in your life, even legally. This is the time when you have to add a legal guardian for your child in case something happens to you and your wife and mention how their finances will be managed after you.
2. You Are Thinking About Separation or Divorce
Do note that this is not after you get a divorce but while you are planning to get one. If you are already thinking about separating from your spouse, then the right time to update your will would be no – before filing for divorce. Remember, your spouse will have marital rights over a portion of your property/estate if you pass away before completing the divorce. And secondly, once the divorce is filed, you won’t be allowed to change your will until the divorce is finalized.
3. You Are Moving States
Most people don’t consider this a necessary time to update their will, but it can be very helpful for you and your beneficiaries in the future. For instance, when you pass away, your will be administered in the state of your residence and not the one where it was written. And if different rules apply in different states, then it will become a problem trying to validate your will between the two states.
4. Your Beneficiary or Executor Passed Away
This is rather unfortunate but also calls for an immediate will update. If you do not update the will after your death, your estate and remaining funds will be distributed among the deceased person’s children. If that’s not what you want and you have a different beneficiary in mind, update your will on time.
Update Your Will
Updating your will at various times of your life might look like a lot of work, but it is easier than you think – it barely takes a few hours but ensures that your estate and funds are safe. If you want to discuss your will and get legal advice call up The Law Offices of Ron Marquez for a consultation and talk to their Last Will and Testament Lawyers today!