You have a Will, and that’s great. You’re already doing better than 60% of the country. But when is the last time you updated it?
Your Will may need to be revised from time to time, especially if a major change in your life occurred. If any of the following have happened since you first created your Will, it’s time for an update.
Getting Married/ A New Partner
You and your new spouse should have new Wills created after you get married. Most people leave all of their property to their surviving spouse. If that isn’t what you want, it should be clearly stated in your Will.
Unmarried partners inherit nothing, no matter how committed the relationship. So if you want to leave your property and assets to your partner, the Will should be very explicit.
In most states, a divorce nullifies any property that would go to your former spouse. This does not apply in every state. If you are unsure if this applies to you, please contact a lawyer.
A new Will should be written with the arrival of a new child. If both parents are ever unable to care for the child, you’ll want to have a personal guardian named for them.
Acquiring New Assets
If you acquire new property and want to leave it to a specific person, this should be stated within in your Will. An update should also be made if you later decide to change the recipient.
Changing and creating a new Will can be time consuming and confusing. Let the lawyers at Stanko, Senter & Mitchell help you today!