Any time that we assist clients in preparing a Will and estate plan, we always advise them that they should think about reviewing their decisions every 3 to 5 years, or upon a major change in family circumstance. While changes in family circumstance can be exciting, stressful, unexpected, etc., they often impact the decisions that you made under your Will and estate plan. What are some common changes in family circumstance that might impact your Will?
The birth of a new child or grandchild is an exciting change in your family. However, neither children nor grandchildren are automatically included in a Will. Instead, you need to take steps to add them to your Will, and you may want to include special provisions for who raise your children if something unforeseen happens, who will manage money for them if you passed away unexpectedly, etc.
If you created a Will prior to being married, it will not automatically include your spouse upon marriage. Rather, after you are married, you should revise your Will to include your new spouse to ensure that your assets (or some portion of your assets) pass to that new spouse. If you have children from a prior marriage, you will want to carefully consider the provisions for your children versus the provisions for your new spouse as blended families can always present challenges.
Buying or Moving House
Anytime that you move and/or purchase a new or second home, you should review your Will and estate plan. For instance, if the new home is out of state, you may need to take action to protect it from probate in the other state. You may also want to divide your houses differently if you have multiple homes versus only one home.
Are you considering a Will or ready to begin the estate planning process? Then contact us today to see what we can do for you.