Life is full of change. Whether you move to a new state, have a baby, or get married, situations are always changing. Some of life’s biggest changes can have a lasting impact on other areas that you would not realize. Although you learn how to adapt or compensate for any changes, there will always be an impact in your life from any major change. Changes should also be reflected in your Will. Although many people have a Will, it is important to update it whenever you have any life changes.
So we have provided a list of major life changes that should prompt you to update your Will accordingly:
Changes in your family
Life changes are most evident in the family. Whether it involves a birth, marriage, adoption, or a death, families are always changing. It is important to update your Will accordingly following these major life events.
Whenever you add children to your family, you should consider updating your Will to name a guardian in the event that something happens to you or your spouse. Also, if your children have recently reached the age of majority, which is 18 in Tennessee, you may consider revising certain bequests or even choose to name them as executor.
Similarly, you may lose someone in your family. Whether it is through death or divorce, you should update your Will following these life changes.
You should also go through your Will to determine if certain heirs, representatives, guardians, trustees, or executors have had changes in their circumstances. Would they still be able to serve the role that you had designated for them previously? If you believe that they are no longer capable of their designated responsibility, you should consider placing someone else in the role that can act accordingly.
Changes in your Location
You may have moved out of state since executing your Will. However, each state has different requirements for a Will’s validity. You should talk with a Tennessee Wills attorney to determine whether your Will meets your new state’s requirements.
Changes in your Assets
You may have experienced a substantial increase or decrease in the value of your estate. It is very important to update your Will accordingly. Whether you bought or sold a major asset or even started a new business venture, it is important to account for your new situation. If you added a new insurance policy or pension plan, it is also advisable to update your Will.
Changes in the Law
Both state and federal laws are always changing. It is important to stay updated with any changes in the law that may affect your estate. Keep in touch with your Tennessee estate planning attorney.
Conduct a Regular Check Up
It is a good idea to look over your Will about once a year. Whether you choose to conduct a Will check up around the end of the fiscal year or the end of the calendar year, you should try to keep the same schedule to develop a habit. Finances and estate planning go together well. So as you are looking over your year-end statements, feel free to look over your Will as well.
If you need help updating your Will, contact an experienced Tennessee Wills attorney. Our team of Nashville based Wills lawyers would be happy to update your Will.