When it comes to estate planning, creating a will is often one of the first steps people take to ensure their assets are distributed according to their wishes after they pass away. However, creating a will is not a one-time event. It’s important to regularly review and update your will to reflect changes in your life circumstances and ensure that your wishes are still accurately represented.
The Georgia Wills and Trusts Attorneys at Plunkett, Hamilton, Manton & Graves, LLP, recommend a yearly review to ensure your will is up to date and reflecting your current wishes Here are some other times when you should update your will.
Change in Marital Status
If you’ve recently gotten married, divorced or remarried, it’s important to update your will to reflect your new marital status. In most cases, a new spouse will automatically have certain rights to your estate, which may conflict with your existing will. Updating your will ensures that your assets are distributed according to your wishes and avoids any confusion or disputes between family members.
Birth or Adoption of Children
If you’ve recently welcomed a new child into your family, it’s important to update your will to include them as a beneficiary. This ensures that they will receive their fair share of your estate in the event of your passing. Similarly, if you’ve recently adopted a child, it’s important to update your will to reflect their legal status as your child.
Changes in Financial Situation
If you’ve experienced a significant change in your financial situation, such as receiving a large inheritance or winning the lottery, it’s important to update your will to reflect these changes. This ensures that your assets are distributed according to your current wishes and that your beneficiaries are aware of any new assets to which they may be entitled.
Changes in Executor or Guardian
If you’ve named an executor or guardian in your will, it’s important to periodically review your choices to ensure they are still appropriate. For example, if your executor has passed away, or if your chosen guardian is no longer able to fulfill their duties, you may need to update your will to name a new executor or guardian. It’s important to choose someone you trust to carry out your wishes and who is willing and able to take on the responsibility.
Changes in State Laws
State laws governing wills and estates can change over time, and it’s important to ensure that your will is still valid under current laws. If you’ve recently moved to a new state, it’s a good idea to have your will reviewed by an attorney to ensure that it’s still legally valid.
Augusta, GA, Wills and Trusts Attorney
Updating your will is an important part of estate planning. By regularly reviewing and updating your will with the estate planning attorneys at Plunkett, Hamilton, Manton & Graves, LLP, you can ensure that your wishes are accurately represented and that your assets are distributed according to your current wishes. If you’re unsure whether your will needs to be updated, it probably does. Contact us today to schedule a review of your current estate planning documents.
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