When you're looking to protect your family in the event of your death, one of the most important things that you can do is to create a will. However, once the will is created, that doesn't mean that your job is done. There are certain times when that will may need to be updated. It's important that you know when your will should be updated so that you can ensure that it is always current. Here's a look at some of the times when you should consider reassessing your will and making changes if needed.
You're Moving To A New State
The laws that govern what is and is not permissible within a will, as well as the requirements for a will to be enforceable, are all determined by the state that you reside in. As a result, if you're moving from one state to another, you'll want to make sure that you evaluate your will in conjunction with the laws that govern your new state. You may even want to meet with an estate law attorney in the new state to ensure that you fully understand the laws in that area.
You're Living At A Different Address
If you've purchased a different home than the one that you had when you created your will, you'll need to update the document. When you leave property to a beneficiary, you'll specify the property's address in the will. As a result, if you've bought a different home, you'll have to change the address in the will so that it's accurate.
Your Estate Has Changed
If it's been a while since you created your will, you may have since sold or given away things that you had previously mentioned specifically in the will itself. If so, you'll need to update the will to ensure that those things are removed since you no longer own them. The goal is to keep any specific possessions updated and current at all times.
There's Been A Beneficiary Change
Another one of the times that you will need to update your will is when there's been a change in your beneficiary. Whether you're changing beneficiaries because of a change in personal circumstances or due to the death of a previously named beneficiary, you'll need to make sure that your will's list of beneficiaries is current at all times.
These are some of the most common reasons for updating your will. Talk with a company like Wright Law Offices, PLLC to learn more.