Everyone should have a will; it ensures that your loved ones will receive the assets you wish them to have in the event of your death. Ideally, it’s best to make a will face to face with a local law firm so that you can thoroughly discuss exactly what you want it to consist of; its importance shouldn’t be underestimated. To be clear, a will is a legal document that states how you want your property to be distributed and to care for any minor children. To ensure that your wishes are carried out as stated by you, a will must be written and signed by you and your witnesses.
Keep in mind; even though you have set up a will for your family; you may have several reasons to update your will, especially if your family situation has changed such as a birth in the family, an adoption, marriage or divorce. Another reason to update your will is if you have another child, or even if you’ve moved across states after your will was created. The laws in California may not be the same as the laws in Texas, and if that is a move you’ve made consider speaking to an estate lawyer austin to make sure everything is up to date.
There are other possible factors. Very importantly, if your marriage ends, your estate plan will need to be updated. For example, if you divorce your spouse, you may not want to leave any assets to your ex. This would be a time and situation that you may want to discuss with your attorney; what changes you want to make to your will. You may also want to talk with your lawyer about how to protect your assets should your will be contested. All of that will be discussed when it comes to the actual divorce. If you are thinking of getting a divorce from your partner, you might want to get in contact with these jacksonville divorce lawyers if you live in that area. If you don’t, there will be other lawyers in your local area that can oversee the divorce. When divorcing, be sure to state the assets that you don’t want to share with your partner. Lawyers will ensure this is all done legally.
Another reason to update your will and estate plan is if your relationships have changed. Relationships, over time, change due to how you feel about people in your life. When relationships change or deteriorate, you may want to modify your will to either cut them out or readjust the distribution of property and monies.
In addition, adjustments to your will may need to be made if you move to a different state. Keep in mind; each state in the U.S. has different rules and regulations; especially when it comes to estate taxes and property. It is important, once you move, to consult with a lawyer to ensure that your will is adjusted to your new state and that it is legal.
If you have had important changes made to your assets; especially if you have had an increase or decrease in the value of your estate, you need to update your will and estate plan. Examples of such changes might be, making a large investment and upping the value of your estate or a family member dies and leaves a substantial amount to you.
Or, maybe you change your mind about certain parts of your will. Perhaps there may be some in your life have emotionally turned away from you and your spouse and you want to adjust your will according to how you feel about that person or persons.
When it comes to updating a will, there are two options on how to make it happen; you can revise your will or create a new one. You can set up your own will; however, you may want to consult a lawyer if you have doubts about the content of your will, if you anticipate leaving a substantial amount of money to people not originally listed in your will or if you want to change the executor of the will.
Other reasons why you may want to consult with a lawyer are if you want to make arrangements for long-term care for a loved one, if you fear that someone will contest your will or if you wish to disinherit your spouse.