Life is full of surprises and because of those surprises, you should have a will and the accompanying estate documents created as soon as you get your first job out of school. These documents will not only protect you, but also your assets, your family and other possessions when you die. So, why should I update my will and estate documents?
One of the biggest reasons why you should update your will is that the people named in it are now deceased. This a very rare occasion, but it does happen every now and then. Make sure you update the will as soon as possible after these people die so your property remains protected.
If you have a child, your will should be updated. The same goes for adopting a child, no matter his or her age. This helps protect who takes custody of your children should you die before they reach the age of 18.
If you get married, or divorced, your will and estate documents should be updated as soon as possible. You likely won’t want your former spouse being the recipient of your property and other assets if you get divorced. If you get married, you will want to update the will so it includes your new spouse.
If you see a substantial increase or decrease in your estate, your will should be updated. This typically occurs when you win the lottery or go through a bankruptcy.
If any state laws change regarding the governance of wills and estates, you should update these documents as soon as the laws go into effect.
Lastly, your will should be updated once your children reach the age of 18. A lot of things will need to be changed, including the removal of guardians for your now adult children.
Updating your will is something that should be done with each life event. An experienced probate and estate disputes attorney can guide you through the update process and answer all of your questions in Cincinnati.
Source: FindLaw, “Checklist: Reasons to Update Your Will & Estate Planning Documents,” accessed June 23, 2017