Top 7 Indicators That You Need to Make Changes to Your Will
The most important document you ever create may be your living will.
The issue is that when we draft them, many of us put them in storage and never look at them again. That might be a really bad error.
In light of the following life events, people in their 50s and 60s should examine their wills to make sure they still reflect their wishes and existing circumstances:
A Beneficiary Is No Longer Mentioned in Your Will
Simply because your spouse was designated as the beneficiary of your inheritance and they passed away after you signed your will wouldn’t necessitate changing it.
Wills typically include a backup beneficiary list if spouses pass away first. The estates are subsequently delivered to the acting receivers. If you left something in your will for a kid who has since passed away, you must specify how it will be dispersed.
Relocation to a Different State
If you’ve moved to a new state since you first made your will, it’s typically time to update it. The administration of your estate is governed by the laws of the state where you reside at the time of your death, not the state where the will was drafted.
The administration of your estate is governed by the laws of the state where you reside at the time of your death, not the state where the will was drafted.
Certain laws in the state you’ve moved to may differ from those in the one you previously were a resident of.
For instance, a will may require a specific number of witness signatures following the state’s rules before it may be utilized to transfer property after your passing.
You may have issues with the executor you choose to manage your estate if you don’t amend your will when you relocate from a state that requires one witness to one that requires two.
Make sure to contact a will attorney for more information.
Changed Assets’ Worth or Financial Status
Maybe your will spells out how much money each of your three children will receive from you.
However, your estate’s size may have increased or decreased after you made the will.
The indicated money amounts might provide a problem for your executor. If so, update your will to reflect your current net worth.
Similar to this, it’s possible that you directed in your will that a gift of stock be handed to a particular individual or organization following your passing.
The stock wasn’t worth much at the time. But it is now. This may also imply that you must make revisions to your will to ensure that your contribution is what you intended.
One Child Has Become a Primary Caregiver
You could wish to change your will to add a gratitude provision for your family caregiver if a son or daughter has spent a lot of time (and possibly money) taking care of you since you made it.
If you want to do this, make sure you either explain it to your children or give them specific instructions in your will.
Recent Purchase/Selling of Home
Your will must be updated to reflect your new address if you now live somewhere other than when you initially wrote it. The majority of wills don’t only leave your house to your kids. They claim you let your children live at your home, someplace.
When your will is carried out, matters between your children can get difficult if you downsize after finishing your will and donate something to one child that the will specifies should go to another, like your antique dining room furniture.
Similar issues can arise if the gift you gave one child doesn’t match the sum you want to leave to another child in your will. Updates are required for any donations that could change the assets or money specified in your will.
Altered Charity Relations
You could have started volunteering or joining the board of a nonprofit organization since you wrote your will. You might wish to amend your will if you want to leave them money.
On the other hand, despite formerly having one, you could no longer have a strong connection to a charity that is included in your will. Therefore, the will must also be adjusted.
It is important to keep your will up-to-date to ensure that your final wishes are carried out. There are some reasons you may need to update your will, including changes in your circumstances, changes in the law, and changes in your financial situation. If you have any questions about whether or not you should update your will, you should speak to a qualified will and trust attorney in Colorado or an estate planning professional.
For all of your estate planning requirements, including wills, trusts, probate, and legacy planning, get in touch with Estate Planning Lawyers Colorado. Contact us for a will and trust attorney in Colorado!