One of the most important documents you will need to have is a will, which is a legal document that details what happens to your assets once you pass away. This crucial document can save a lot of work and heartache for those left behind, preventing any conflict as to what should happen with your assets.
From time to time, you need to reexamine your will to see if any changes are necessary. Some major life changes can occur that will drastically affect how you may want to prioritize your assets. The following are some things you need to know about making changes to your will and estate:
Potential Life Changes that Affect a Will
There are several instances which may call for changes to your will over your lifetime. One of the most significant is marriage. When you get married, chances are you are going to want your spouse to inherit your estate. Having children is also a time to change your will. It is not uncommon to see parents place their children in a will to ensure they are cared for financially after you pass away.
On the flip side, you also want to change your will if you get divorced. If you do not do this, it is possible you could leave a former spouse your estate rather than your children or other loved ones. If your spouse dies, you should also go in and have your will changed.
Other important life changes that can affect your will include moving to a different state, inheriting money, making changes to your charitable contributions, or changes in state law.
Other Important Estate Changes
Ensuring your will is correct is a crucial part of your estate planning. In addition, you should also make sure you have named a durable power of attorney and a living will. Both a power of attorney and a living will detail how you wish to be cared for should you become unable to communicate your wishes on your own.
The power of attorney is a very important part of your estate as that person will be charged with making all important decisions for you. A living will is a document that says whether or not you want heroic measures taken to keep you alive. All of this is important to look at from time to time to make sure you have the people you want to be in charge of your decisions in place.
For more information, contact a business such as Barrett Twomey Broom Hughes & Hoke LLP.Share
15 January 2018
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