21 Feb 4 Times It Makes Sense to Revise Your Will
4 Times It Makes Sense to Revise Your Will
You will experience many changes in your life. A few of those changes will call for you to review your final estate and will documents. When it’s time to make changes to your will, partnering with an experienced estate attorney in Pawleys Island will ensure the changes you make are clear and will be followed.
While everyone’s experiences in altering a will are different, these are the four occasions that call for you to contact a lawyer and review your will.
Major Life Event
You’ll want to update your will whenever you experience a major change in your life like marriage, divorce, or the birth or loss of a child. It’s important to keep your beneficiaries updated to ensure the heirs of your property are accurate in the event of your passing. A life change may alter how you divide your assets and you want to be sure the will is scribed properly. It’s also important to have your will reviewed by a Pawleys Island lawyer if you move to South Carolina from another state. State laws vary and your will may need to be adjusted to adhere to the regulations of your new residence.
Life Change For Someone In Your Will
If a beneficiary listed in your will experiences a major life change, adjustments to your document may be in order. If the beneficiary gets married or becomes critically ill, you’ll want to update your will to reflect the necessary changes. If that person was listed as the executor of your estate, for example, a terminal illness will spark the need to change your plans. Other life changes that may cause you to reconstruct your will include the birth of a grandchild or if one of your children gets married.
Tax Laws Change
The Tax Cuts and Jobs Act changed the amount of a person’s estate that is exempt from the 40 percent federal estate tax from $5.49 million to the current $11.2 million. Because that change nearly doubled the estate tax exemption, many families won’t have to pay taxes at all. The wills of wealthy individuals can be changed as to minimize the effects of estate laws. Have a lawyer in Pawleys Island review any changes you wish to make to ensure you’re making the best financial move for your family.
Every 3 to 5 Years
Every few years, you’ll want to pull out your will and review it to ensure everything you’ve documented is still accurate. Review the names of those you’ve included in the execution of the will and diving of your assets. Relationships may change over time, so you’ll want to ensure those mentioned continue to play a positive role in your life and are those to whom you’d want to give any valuables you leave behind.
Creating a will was the first step to protecting your family and your assets. Now it’s time to be aware of when that document may need to be amended to fit your current life situation. The Hopkins Law Firm can help you craft or change an existing will to ensure your final wishes are executed just as you plan.