Some situations where you may need to change your will should be obvious to most people. But others just may surprise you.
By: Jedediah McClure, JD
Key Points
- Life Changes: Major life events often necessitate will updates.
- Legal Requirements: Ensuring your will complies with current laws.
- Beneficiary Concerns: Addressing changes in relationships and needs of beneficiaries.
Important Definitions
- Will: A legal document expressing a person’s wishes regarding the distribution of their property after death.
- Executor: A person appointed to carry out the terms of a will.
- Beneficiary: A person who is designated to receive benefits from a will.
When to Update Your Will
1. You Are Having Your First Child
This should be a no-brainer. The birth of a first child is usually when people create their first will. Focus on naming a guardian for your child and a trustee for any trust created by the will. Ensure the will is flexible enough to accommodate future children. Execute this will before the child is born to avoid delays.
2. You Are Thinking About Divorce
Update your will before you file for divorce. Your spouse has marital rights to a portion of your estate if you die before the divorce is finalized. Once you file for divorce, you often can’t change your will until the divorce is complete. Doing it early ensures your spouse doesn’t receive all your money if you die before the divorce is finalized.
3. You Have Gotten Divorced
After a divorce, your former spouse no longer has rights to your estate (unless specified in the divorce terms). Most states invalidate distributive provisions to an ex-spouse in an old will. Update your will as soon as permissible to clearly identify new beneficiaries.
4. Your Child Gets Married
Your current will likely addresses issues relevant when your child was younger and may not address your child’s possible divorce. Create trusts in your will and include post-nuptial requirements before your child can receive any estate distributions. Update your will immediately after your child gets married.
5. Your Beneficiary Develops Creditor or Substance Abuse Problems
If a beneficiary develops addiction issues or large creditor problems, update your will to include trusts that allow a third party to distribute funds under appropriate circumstances. Update as soon as you suspect there is a problem.
6. Your Named Executors or Beneficiaries Die
If individuals named in your will as executors or beneficiaries die, you may need to update your will. While your will may have contingency plans, reevaluating your decisions is wise.
7. Your Young Family Member Becomes a Responsible Adult
Your younger family member may now be capable of handling your estate affairs. While not rushing this decision, update your will to reflect capable, responsible individuals.
8. New Legislation Is Passed
Legislation can significantly impact your estate plan. Ask your attorney every few years if any new laws are relevant to your estate planning.
9. You Come Into a Windfall of Money
If you receive a significant sum of money, update your will for proper tax planning. Consider gifting money to family members or creating a donor-advised fund to shield money from taxes and leave a legacy.
10. You Can’t Find Your Original Will
If you can’t find your original will, replace it with a new one that explicitly invalidates all prior wills. Photocopies are difficult to validate, so having an original is crucial.
11. You Buy Property in Another Country or Move to Another Country
Different countries have different treaties with the U.S. regarding wills. Consider having a separate will for each country where you own property to avoid delays in transferring property.
12. Your Family and Friends Become Enemies
If there is animosity between parties named in your will, consider adding a No Contest Clause. This clause can disinherit any aggressive family member who challenges the will.
Additional Information
- Regular Reviews: Periodically review and update your will to ensure it reflects your current wishes and circumstances.
- Legal Consultation: Consult with an estate planning attorney to ensure your will complies with current laws and addresses all necessary details.
- Communication: Clearly communicate changes in your will to relevant parties to avoid confusion and disputes.
Frequently Asked Questions (FAQs)
Q: How often should I review my will? A: It’s advisable to review your will every three to five years or after any major life event, such as a birth, death, marriage, or significant financial change.
Q: Can I update my will without a lawyer? A: While you can update your will without a lawyer, it’s recommended to seek legal advice to ensure the changes are legally binding and properly documented.
Q: What happens if I don’t update my will after a major life event? A: If you don’t update your will, it may not reflect your current wishes, leading to potential disputes and legal complications for your beneficiaries.
Q: Can I make minor changes to my will without rewriting the entire document? A: Yes, minor changes can often be made using a codicil, a legal document that amends your will without rewriting it entirely.
Q: How can I ensure my updated will is valid? A: Ensure your will meets all legal requirements of your state, including proper signing and witnessing. Consulting with an attorney can help ensure validity.
Take Action Now
If you need assistance with updating your will or have questions about your estate plan, contact me today. At Supernus Law, we specialize in creating and updating comprehensive estate plans tailored to your unique needs. Schedule a consultation with me, Jedediah McClure, to discuss your estate and ensure your plans provide the support and protection your loved ones need.
Contact Information:
- Phone: (618) 354-0302
- Email: jed@supernuslaw.com
- Website: Supernus Law Website
Ensure your estate plan is current and meets your needs. Let’s work together to protect your legacy and provide peace of mind for you and your family.
DISCLAIMER
This post is for informational purposes only and is not intended as legal advice. Please do not act or refrain from acting based on anything you read on this site. You should always seek competent legal counsel before taking any legal action. Using this site or communicating with the Supernus Business & Law Center, LLC through this site does not form an attorney/client relationship.
