The thought of writing a will is scary to many people; however, it is necessary to have one and to keep it up to date. There will come a time when it is important to make changes to your will.
You should try to update your will every four to five years. Will lawyers typically suggest updating your will after every major life event. A major life event is one that alters the direction of your life or how it progresses – for the good or bad.
Here are some events after which you should update your will.
Changes in marital status
You may have included your spouse as a beneficiary upon creating your will. However, in the event of divorces, weddings or deaths, wills must be updated. It is important to note that stepchildren are not entitled to your property by law, so keep this in mind as you update your documents.
Health challenges
Changes to your health can affect your will. If you are diagnosed with a degenerative disease or life-threatening illness, it is in your best interest to take this time to adjust to your will. Furthermore, any additions you may have considered before your diagnosis should be added as soon as possible.
Fluctuations in finances
This is another important occurrence that affects your will. An increase in wealth can move you to a higher tax bracket and possibly incur higher taxes. In addition, you may want to increase the amount of money you leave to your beneficiaries.
Conversely, your financial situation may worsen, and you may not be able to give the amount you intended. At this point, changing the details of your will is necessary.
You change your mind about a beneficiary
It is natural to change your views and feelings about the people or organizations listed as beneficiaries in your will, possibly due to disagreements after you wrote your will or other reasons – good or bad. Remember, it is your money, and you have the right to change your mind about who receives the funds after you pass away.
Updates to estate laws
Laws governing estate taxes can and do change from time to time. Thus, you should update your will to reflect the relevant changes if and when these changes occur. Be sure to consult your will lawyer to keep up to date with estate laws and how they affect you.
Death of a named executor or beneficiary
If a named executor or beneficiary dies, your will needs to be changed to name a new executor or designate a different recipient for the asset or property. Even if your will includes contingency plans for such events, you may still want to consider updating it.
Divorce
You will definitely need to update your will if you go through a divorce. Depending on the terms of your divorce settlement, all of your assets and property may be divided in half, leaving fewer assets and property to share among your named beneficiaries.
Wills and Estate Lawyers in Surrey
You should consider making alterations to your will whenever you experience a life-changing event or feel the need to make a change. For more information on wills and estate laws or how to plan, execute or change your will, contact our experienced will lawyers at Nirwan Law Corporation. We also deal with personal injury law, family law and business law. Give us a call today at +1 (604) 372-0253 or contact us online for a free consultation.
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