Writing your will is an important part of estate planning. However, it's not uncommon for someone planning their estate to not update their will later on when there are major life changes. If you do not meet with an estate planning attorney regularly, you might fail to make important updates that could negatively impact your family members.
Removing Someone from Your Will
The most common reason why you may remove someone from your will is if they have already died. Also, if you are estranged or if the individual is a divorced spouse you may choose to remove some of these parties from your will. If you fail to update your will, you may end up giving money to the wrong people.
You may have decided to give a major asset to a member of your family. However, you may also realize that how you are distributing your assets is unfair and you may want to leave more money to another family member to account for this decision.
Adding Someone to Your Will
If you have gotten married or if there is a birth in your family, you may wish to add someone to your will. Otherwise, there is no guarantee that some of these individuals may receive the benefits you would want them to receive.
Your Attorney Can Do Much of the Legwork
One of the challenges of updating your estate is that many companies should be helping you distribute your assets to family members. However, if you are working with an estate planning attorney, they can help you make sure that every account you have is updated so that your wishes are taken into account when you pass away.
You will also need confirmation that the company made the changes you requested in the manner you requested. Companies sometimes make mistakes and may misinterpret your request. This is especially true if a company is acquired or merges.
Know the Law
There might be changes to the law that will affect how you may be taxed or that might affect your ability to leave assets to your loved ones. By speaking with an estate planning attorney, you can learn about the legal consequences of your current will and your attorney can advise you on better options. You may be able to leave more money behind for your loved ones.
For more insight, contact estate planning attorneys through websites like https://www.linskylaw.com.Share
11 May 2021
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