You probably already know that creating a will is a crucial part of estate planning that ensures your assets are distributed according to your wishes after you pass away. However, simply creating a will is not enough — regularly reviewing and updating your will is essential to ensure that your assets are protected and your wishes are carried out as you intended. Following are five reasons why it may be necessary to make changes in your will:
Changes in Life Circumstances
Life is full of changes, some of which can have a significant impact on your estate plan. Major life events such as marriage, divorce, the birth of a child or grandchild, or the death of a loved one can all require changes to your will. For example, you may need to add or remove beneficiaries or change the allocation of assets.
Your assets are not static, and it's important to ensure that your will reflects your current assets accurately. You may have sold or acquired assets since the last time you updated your will, or the value of your assets may have changed significantly. Updating your will regularly ensures that your beneficiaries receive the correct assets and that your estate plan reflects your current financial situation.
It's not uncommon for people to change their minds about who they want to include in their will as beneficiaries. For example, you may want to add a new grandchild to your will or remove a beneficiary who has passed away. Regularly reviewing your will can help ensure that your wishes are carried out as you intend.
Laws related to estate planning can change over time, and it's essential to keep up with these changes. Regularly reviewing your will can help ensure that your estate plan is in compliance with current laws and regulations. This is particularly important for individuals with complex estates or those who have made significant changes to their estate plan in recent years.
Choosing an Executor
Your executor is responsible for carrying out the wishes outlined in your will, so it's important to choose someone you trust and who is capable of handling the responsibilities. Regularly reviewing your will can help ensure that your chosen executor is still the right person for the job. If your chosen executor has passed away or is no longer capable of fulfilling the role, you'll need to update your will to choose someone else for the responsibility.
For more information, contact a local will attorney.
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