A person’s own will is probably among the least attractive topics of conversation you can imagine. It is understandably challenging to talk about what will happen after you’re gone. However, making your wishes clear in a will can help make things a lot easier for the people that you care about.
If you already have a will prepared, then you may think that you don’t have anything more to worry about. But if circumstances have changed in your life since you originally prepared it, you may wish to consider making some revisions to the will. In fact, having an out-of-date will can often cause more trouble than having no will at all.
If your will was written more than three years ago, here are the top reasons you should consider updating it as soon as possible.
Changes to Your FamilyÂ
Your family situation can change quickly, which can create a shift in priorities about what should be put in place after your death. If you have gotten married or divorced, been widowed, or had children or grandchildren, you may want to make adjustments to your will based on these changes.
Changes to Your Financial CircumstancesÂ
If you have been fortunate and you’ve had improvements in your finances, this could mean changes in the Inheritance Tax liability of your estate. Revising your will can allow you to consider options, such as charitable giving, that will support a good cause and might help your family benefit from a reduced rate of Inheritance Tax.
Changes in the LawÂ
If years have passed since your will was made, there is a good chance that the tax laws have changed as well. If so, it is important to re-evaluate the way you wish for your assets to be distributed so that your beneficiaries receive as much as you want them to.
Death of an Executor or BeneficiaryÂ
If someone you have named in your will as an executor or beneficiary has died, it is vital that you make changes to your will to address these issues. If you do not provide for a replacement executor or beneficiary, it may lead to difficulties among your family members as they try to figure out who should attempt to be appointed the administrator of the estate.
Speak to an Estate Planning AttorneyÂ
As challenging as the topic can be, making a will is not a one-off project. There are plenty of other reasons why it might be important to consider revising your will, such as ensuring that you include more protection for your beneficiaries, as well as lessening the risk of legal challenges that might occur without some intervention. The specific changes you have experienced will determine what revisions your will needs to undergo.
However, knowing what steps you need to take can be confusing. This is why it can be useful to speak with an experienced estate planning attorney. We can help you understand which changes you need to make and can guide you through the process. For help getting started, simply contact our Brandon will lawyers at (813) 438-8503 to schedule a consultation.