Don’t forget to update your will

Melissa Dossmodifications, Wills

Many people are afraid to face their own mortality but that shouldn’t be an excuse to put off getting a will. Consider this, who would you rather decide custody of your children should something unthinkable happen to you: you or the government? Obviously you want to determine custody. I believe you will feel the same about the division of your assets.

Unfortunately, having a will drafted is not always a one-time event. Here are some qualifying events that should have you contacting your family lawyer to update your will:

  1. Divorce – If you have recently divorced, you may want to have your former spouse removed from your will, or a new will should be drafted.
  2. Marriage – generally the exact opposite of above. You may want a new will drafted.
  3. Children – If you have children, or if a child beneficiary is deceased, you should change your will.
  4. Death of a beneficiary – if your beneficiary dies, you should modify your will with a new beneficiary.
  5. New assets – some assets should be listed specifically on your will if they are to be passed to a specific person.
  6. Change of address – This should be obvious, but if you move, you should update your will.

These are just a few reasons to update or modify your will. It’s an important item in estate planning. if you don’t have one, get one. If you have one, keep it current.