Keep Your Will Current
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Congratulations, you have a will. The question is, Is it current? Wills or estate plans need to keep up with the changes in your life. There are many life changes that require updates to your will.
Having a current will ensures that your assets will go to whom you want them to. It will ensure that portions of your estate don't mistakenly go to someone who no longer holds an important part in your life and likewise that significant people in your life are included.
Divorce and remarriage are important times to revisit your estate plan. Divorce agreements may need to be complied with when revising your will. Make sure the needs of a new blended family are taken into account.
The death of a spouse or beneficiary is reason to update your will. The birth of a child, grandchild, or someone else you want to have named in your will requires a revision to your estate plan.
Periodically review whether the named trustee is still the right person for the job. It may be difficult for the trustee to administer your estate if they have moved out of the country. Does the trustee still have the mental capacity needed?
Do you have named guardians for your children in your will? Regularly review whether the person granted custody and guardianship of your children is still the best choice.
Significant changes to your net worth may require a revision to your estate plan.
A current and accurate estate plan will ensure that your estate will be distributed in the manner you want and to whom you want. Make sure a significant person in your life is not left out. Review your will regularly and keep it current with significant life changes.