It might be time to revise your Will
If some years have passed since you signed all the various Estate Planning documents, there may have been changes in the laws coupled with critical changes in yours’ and your loved one’s life circumstances. That means that your estate plan is now out of date and out of tune with the realities of your life situation.
While your estate plan should be reviewed and updated periodically, there are a number of life changes which may necessitate a revision to your estate plan. And while you may not have experienced the following, if someone who is named in your will has, you may want to evaluate whether or not you should revise your will. Common major life changes where you might want to consider updating your will include:
- Getting married
- Having children or grandchildren
- Getting a divorce
- Moving to another state
- Death of a spouse or other beneficiary
- Inheriting money
- Wanting to account for charitable contributions
- Health complications
- Changes in the law
If you are a parent, you might also want to change your will to make a provision for care of any minor children should you and your spouse die before the children come of age. Make sure to name a guardian for your children and provide for them financially, if possible, should anything happen to you.
As you can see, there are many reasons why you would want to update your estate plan. However, it is also important to do this in a timely manner. If you fail to review and revise your plan when you have had a life change or change of heart for some reason, your estate could end up in the hands of someone that it is no longer intended for. No matter what your reason is for revisiting your estate plan, your estate planning attorney will ensure that it is valid and that the changes you are making are compliant with all local laws. The last thing you want is for someone to not get what you wanted them to have simply because you did not discuss changes with your attorney or have this updated on your various estate planning documents.
If you or someone in your will has questions about updating their will, give our office a call. Contact our office today at (206) 408-8158 for a consultation to ensure that you have a proper estate plan in place.
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810
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