Estate planning can feel daunting but once individuals have addressed the matter, they tend to feel much better. Nonetheless, estate planning is not a one-and-done event, because life is constantly changing and evolving. A sound estate plan needs to reflect these changes as they happen.
A will is a key component of your estate plan. This document designates who receives your assets once you’re gone – and much more. What kind of life events mean it might be time to update your will?
A change in your assets
It’s vital that your current assets and property are included in your will.
Perhaps you’ve upgraded to a new family home? Maybe you’ve gone the opposite way and downsized to something a little more manageable. In any case, your home is going to be one of the most substantial aspects of your estate plan.
The will that you have drafted must be accurate, or important matters regarding the inheritance of property could be left in the hands of the court.
If you have moved out of state, then you need to think about the validity of your will. Different laws vary greatly between states, and estate planning laws are no different.
Your will must be drafted using the legal language and procedures of the state that you are in. Again, if this is not the case, matters regarding the inheritance of your family may be left in the hands of the court.
It’s vital to ensure that your estate plan incorporates your current needs and wishes. As you plan for the future, it may lift some weight off if you seek legal guidance.