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A will is a legal document specifying how your assets should be distributed after your death. What many people don’t realize is how creating a will is not a one-time job. Most estate planning attorneys recommend revisiting your will every five years. If your personal situation—such as your marital status—has changed, you will have to review the document even sooner. 

Updating your will doesn’t mean simply rereading the document yourself. You want to sit down with your lawyer to go over the details. Changes in legislation, from estate law to inheritance tax rules, can impact wills and testaments. If such amendments negatively impact you, your attorney can advise you on how to redraft it for a better outcome.

Here are four personal changes requiring you to revisit your will more than every five years:

  • estate planning attorneyEvolving Romantic Relationships: Whether you’re getting married or freshly divorced, don’t wait to amend your will when your relationships change. You want your assets to go to the right people. 
  • Additions to Your Family: A will also allows you to name a guardian for your child in case you pass away before they turn 18. Keep this guardian up-to-date. For instance, if your child was born in Virginia and your family moves to California, choose a new guardian in the state.
  • An Improved Fortune: If you’ve made a good investment and expect monetary gains, shift some of the extra cash to your family sooner rather than later. If you wait for the assets to appreciate, you’ll end up using more of your lifetime gift tax exemption. Additionally, if you acquire new assets, like real estate, these should be added to the will.
  • Waning Health: Unfortunately, this is one of the most common reasons people are reminded to revisit their wills. Confirming that your will is up-to-date can offer great peace of mind, as you aren’t leaving any loose ends untied.

 

For assistance drafting or revising your will in Batavia, OH, look to Swartz Law Office. Donald K. Swartz and his team are known for their reliable, trustworthy legal advice. Since 2011, they have offered residents of Clermont County help with everything from estate planning to divorce settlements. To book a consultation, use the online form or call (513) 732-0900.

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