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Why it is vital to update a will

Because circumstances in life often change, residents of Nevada may wish to review their wills from time to time to keep it current. Events such as a marriage or the birth of a child can be cause for minor to major changes in a person's will and estate plan. Keeping a will current assures that the testator's assets will indeed go to the desired beneficiaries upon death.

There are many benefits to writing and updating a will. If a person becomes married but does not have a will, the new spouse may only get a certain percentage of the other spouse's estate, according to state laws of intestacy. The remaining assets may go to the decedent's children, siblings or parents. A

Another very good reason to create or update a will is in the event a person becomes a parent. Without a will, or one that does not specify who will be the children's guardian following the death of both parents, the courts will likely appoint a guardian. That guardian may or may not be the one that the parents would have preferred. Moreover, in the will the parents can provide for a trust fund for the ongoing care of dependent children and name a representative to handle those funds.

Other events such as divorce, remarriage, retiring and relocating call for making sure a person has a will in place or makes changes to an existing will. A divorce, for example, may necessitate the need for a new will. An estate planning attorney can be of service in helping to periodically review a client's estate planning documents to incorporate these types of changes.

Source: Kiplinger, "Good Reasons to Change Your Will", December 19, 2014

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