A will stands as a cornerstone of estate planning, representing your final wishes for the distribution of your assets after you pass away. However, it’s imperative to recognize that life is fluid, and as circumstances evolve, so too should your will. In this blog post, we discuss why maintaining an updated will is paramount which can hopefully motivate you to update your will.
Unexpected Changes in Your Life
Life is marked by transformative moments that can significantly alter your familial and financial landscape. Events such as marriage, divorce, the birth or adoption of children, or significant shifts in your career or health necessitate an update to your will. Ensuring that your will accurately reflects your current family situation is vital to guaranteeing your loved ones are cared for as you intend.
New State Laws
Estate planning laws are not static; they undergo regular modifications. To safeguard the validity and enforceability of your will, it’s imperative to align it with the most current legal framework. For example, electronic wills are now available for individuals who live in Missouri.
Changes in Your Perspective
As time passes and priorities evolve, so too may your wishes regarding the distribution of your assets and the care of your loved ones. You might wish to allocate your assets differently, establish trusts for future generations, or appoint a new guardian for your minor children. A heartfelt change of heart may prompt you to reevaluate who you entrust with overseeing your estate or safeguarding your children’s well-being.
Specific Examples For Your Updated Will
The St. Louis wills attorneys at TdD Law discuss the various example scenarios in which you need an updated will:
- Getting Married: Marriage signifies a significant legal and emotional union. While your spouse automatically assumes the role of your legal heir, it’s important to update your will, particularly if you have children from a prior marriage or specific bequests in mind for other individuals.
- Getting Divorced: In the aftermath of a divorce, it’s crucial to revise your will to ensure your ex-spouse is no longer listed as a beneficiary. Additionally, this is an opportune time to reevaluate the appointment of a guardian for your minor children, especially if your ex-spouse was previously designated.
- Welcoming Children: With the arrival of children, designating a guardian in your will becomes paramount should you pass away while they are still minors. Determining how your assets will be distributed to them is another critical consideration, ensuring their financial security.
- Adopting Children: Adoption is a monumental event, and updating your will to include your newly adopted children as beneficiaries is essential. If circumstances require, appointing a new guardian should also be addressed.
- Major Life Events: Significant changes, such as a new job, substantial alterations in your financial situation, or a serious health diagnosis, warrant a review of your will. Ensuring it aligns with your current circumstances safeguards your legacy and provides clear instructions for your end-of-life wishes.
Remember, your will doesn’t automatically adapt to life’s shifts. It requires your proactive efforts to reflect your evolving circumstances accurately. It is extremely important to keep your will updated in case anything unexpected happens in your life.