Many people assume once a will is created it is valid for life. However, this is not the case; wills must be updated to ensure they still reflect your wishes regarding your family and assets. That’s why the seasoned probate lawyers at The Law Office of W. Randall Holcomb recommend their clients in Greensboro, NC, revamp their wills if any of the following considerations apply.

Tax Laws Have Changed

Tax laws have a huge impact on estate planning and how your assets are distributed. Additionally, they are constantly changing, which means your will could be affected without you even knowing it. Keeping abreast of current tax laws is crucial so you can determine whether you’re in need of an update.

You’ve Moved to a Different State

Probate lawyers also recommend updating your will if you’ve recently moved to another state. Each state has its own set of rules and regulations when it comes to will creation. Accordingly, yours may no longer be valid if you now reside in a different location from where it was created.

Your Family Dynamic Has Changed

If you’ve recently remarried, divorced, had children, you may want to get in contact with a probate lawyer regarding your will. Changes in the family dynamic often call for a will overhaul to add new family members as beneficiaries, as well as remove former spouses.

More Than a Year Has Passed

Wills should also be revisited after about a year or so. While updates may not be required, it’s good to keep tabs on your will’s contents to ensure it remains relevant to your life. You can even set a specific time for your once-yearly review.

Your Estate’s Value Has Increased or Decreased

Changes in the value of your assets can also warrant a closer look at your previously created will. This is also applicable if you’ve recently added any new financial accounts (such as a pension plan). In this case, you might need to update your beneficiary listings to ensure they still reflect your wishes.

When you need to update your will, The Law Office of W. Randall Holcomb can lend its legal prowess so everything is outlined clearly. Call (336) 888-8760 today to schedule your consultation in Greensboro, or make use of their convenient contact form to learn more.