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:
- 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.
- Marriage – generally the exact opposite of above. You may want a new will drafted.
- Children – If you have children, or if a child beneficiary is deceased, you should change your will.
- Death of a beneficiary – if your beneficiary dies, you should modify your will with a new beneficiary.
- New assets – some assets should be listed specifically on your will if they are to be passed to a specific person.
- 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.