Once they've written a will and set up an estate plan, many people consider the matter settled and don't give it much more thought. Unfortunately, this approach can cause significant problems for your loved ones after you're gone, especially if your life has gone through major changes.
We The People of NY, New York City's legal document preparation specialists, recommends reviewing and updating your will regularly, particularly after:
- Marriage or Divorce: Many people assume that getting married creates a legal bond that overrides any legal document that existed before the marriage. However, this is not the case, which is why writing a new will is an important part of getting married or divorced. Otherwise, you risk inadvertently leaving your assets to your ex-spouse, even if you've remarried and started a new family.
- The Birth of a Child: If you've added to your family or even become a grandparent, you may decide to revisit how you want your assets divided after your death. The birth of a first child is especially important, so you should take the chance to name a legal guardian to care for them after you're gone. You might also want to review your will again when your children attain legal adulthood, especially if you'd like one of your kids to serve as executor.
- Your Estate Changes Value: If your will no longer accurately describes your financial situation or the assets in your estate, you may want to have it reviewed. For example, if you've sold significant assets to fund retirement, purchased a home, or made some lucky investments, your will should be updated to reflect that change.
We The People of NY has been helping New Yorkers prepare their legal documents for almost a quarter century. Whether you're writing a will or filing for divorce, their experts can help ensure that your documentation is prepared up to the standards required by the court. To learn more, visit their website, call (212) 633-2200 with any questions, or drop by their storefront today, no appointment required.