If you are creating a new estate plan or have an old one, there are certain facts you should be aware of. One that is not so common is what constitutes a change in an existing will.
There are certain situations where not altering a will may lead to issues for or amongst beneficiaries. Consider these life changes that warrant a will update:
Changes in family may require an update to an existing will, or the creation of a new one. Whether an individual is getting married, divorced or having children, such instances create a new family dynamic. In some cases, individuals may still be in a will holder's life, but the dynamic of the relationship may change. This may be grounds for altering how much of an estate the will holder wishes to leave them.
Many different state laws vary, including those that govern wills. When people move away from the state in which they execute their wills, they should check to see if the laws involving wills are the same in the new state. If not, the will creators will need to make alterations to ensure the desired execution of the will. It may be beneficial to consult a lawyer in the new state to make sure that the new will meets all legal requirements.
Assets and inheritance
When an individual receives new assets or an inheritance, it may not fall into the parameters of the current will, or the individual may have different designations for the new assets. In such cases, a new will may help to allocate the new acquisitions of the estate properly.
As you consider the composition of your will, make sure it meets all legal requirements so that it may be valid and that your wishes may be fulfilled if you become incapacitated or pass away. Also, take time to review your will periodically to make sure it aligns with your current desires.