Change is an inevitable aspect of your life. Seasons, styles, your likes and dislikes – nothing is immune to time.
The same goes for your will. The people whom you want to inherit your assets can change as the years pass by, as well as your preference for guardians, trustees or executors.
That’s why as a Newport Beach estate planning lawyer, I want to provide you with some basic “triggers” that signify a need to update your will or trust so it always reflects your wishes as your life and the law changes through the years.
Let’s take a closer look:
– After a marriage or divorce. Including your new spouse or excluding your former spouse should be clearly outlined in your will, in order to prevent problems after you are gone. Regardless of the state of your marriage, what is outlined in your will must be carried out.
– After the birth of a child or grandchild. If you have your children or grandchildren specifically not named in your will, ask your estate planning lawyer how to go about adding their name. If you know that you want your assets to be equally divided among your heirs, you can mention that, too, instead of using specific names.
– After major changes in your insurance policies. Any time your assets change by a significant amount, it is a good idea to take a peek at your will to see if changes need to be made.
– As your babies grow older. It is not uncommon for a young couple re-evaluate the decision of who will care for their kids as time passes, but this re-evaluation needs to be added to your will also. If the original named guardians are no longer suitable or pass away, make sure to choose someone else and change the will to reflect this.
Want to learn more mistakes to avoid during the estate planning process? Contact the experienced Newport Beach will and trust lawyers at Morgan Law Group and ask if you qualify for a free Family Wealth Planning Session ($750 value).