One of the most essential parts of any estate plan is a will. While you may have already created your will a few years back, there may be circumstances that have arisen that would require you to revise it so that it reflects your current wishes. You should consider revising your will if you experienced any of these changes in your life:
- Lost a spouse. Most people list their spouse as the person to inherit the majority of their assets should they pass away. However, if your spouse unexpectedly passed and was listed in your will, you should consider modifying the document so that the next person in line is guaranteed to receive whatever it is you are leaving behind.
- Remarried or divorced. Again, if you choose to remarry or wind up divorcing the person listed as your spouse in your will, you definitely are going to want to go back and revise this portion of your will.
- Death of a heir.
- Experienced a significant change in the health of your proposed executor or alternate executor. An executor is someone whom you designate to carry out the terms of your will. However, in the event they grow ill and aren’t fit to complete the task any longer, you need to appoint someone who will be able to as your will contains your final wishes and you need to be sure they are carried out exactly as you desire.
- Changing relationships with family members or others you may have included in your will. Perhaps you had a strong bond with a relative and initially wanted to leave them half of your estate. However, as time has gone on, you became distant relatives and no longer feel as though you want to leave them with this any longer. In this case, you would need to go back and either remove their name from the document or reduce the number of assets you wanted to leave them with.
- Birth of children or grandchildren. If your family has been blessed with another child, you may want to include them in your will which would require you to revise it.
- Major shifts in assets, such as the sale of real estate or a business.
- Maturation of long-term investments.
- Changes in estate tax laws that impact the distribution of your assets.
[Source: Red Cross].
It is always in your best interest to meet with your Nashville estate planning attorney to ensure your estate plan is accurate. It also gives you the opportunity to make any modifications you deem necessary.
Something you should always be aware of is that a will is a document that requires on-going revision. As time goes on, things change and so might your circumstances. To be sure your will always reflects your last and final desires, be sure you meet with your Nashville, TN estate planning lawyer every so often so that you can review it and make the necessary changes.
Haven’t hired an estate planning attorney yet? Are you in the market for someone new to help with the revision of your will?USAttorneys.com can help get you connected with a professional in the Nashville, TN area that is qualified to complete the task and will work patiently with you so that your will is current and accurate, and has all the components it needs.