One of the most important documents that you should get a family lawyer to help you prepare is your last will. If you have already prepared it, you have taken an admirable step in securing your family's future. However, if you wrote the will more than three years ago, consider assessing any changes in your life and how they could affect the execution process. Let a family lawyer go through the will to see if it needs to be updated based on your current needs. See when you may be required to update your will.
When Your Family Situation Changes
Family changes happen quickly. You might have written your will when your family situation was different and haven't thought about it after the family changes. For example, you might have made the will when you were married but have since divorced. In such a case, if you appointed your spouse as the will's executor, you will need to make changes to that aspect.
Similarly, your spouse might have passed away, or you might have gotten remarried and welcomed more children into your life. It is advisable to include all these changes in your new will to avoid conflicts when you are gone.
When Your Assets Have Changed
The primary function of the will is to give directions on how your estate will be shared when you pass on. Therefore, in addition to writing down the first will, you have to keep track of your assets. If there are any significant changes in your investments, include them in the document. For example, if you have bought a new property and other assets, ensure you mention them in the updated will to simplify the record-keeping process.
When You Move to Another State
Most people move to another state after retirement. Often, people want to spend their sunset years in places where they can escape the busy city life. However, as you move from one state to another, remember to consider the new state's laws. If the laws could interfere with the execution process of your will, make the necessary changes.
When Your Tax Situation Changes
The laws on taxation change very often, and you have to constantly check what is happening in taxation law and update your will accordingly. Also, keep assessing your asset distribution and tax liabilities. A family lawyer will help you edit your will to minimise penalties.
A will is a critical document that must serve the intended purpose completely. However, it may fail to do so if it's not updated or properly written. For this reason, it's vital to look for a family lawyer who understands wills and estate laws to help you update your will. This helps protect your loved ones from unnecessary challenges when executing your wishes.