Share:

It’s never too early to start estate planning as long as you remember that it’s an ongoing process. You should review and update your documents periodically to ensure they always reflect your situation and your wishes. If you need to create or update your will, a skilled lawyer from Woodlawn Law Offices in O’Fallon, MO, will help.

Below, they share a few scenarios when you should update your will. Update your estate planning documents after:

Getting Married

If you created a will before getting married, make sure you review and update it as needed after your nuptials, and have your spouse do the same.

Getting Divorced

In addition to updating your will following a divorce, you should also review and update all life insurance policies. There’s a strong chance your ex-spouse is listed as the beneficiary, and you’ll probably want to change that following the divorce.

Having a Childestate planning

You can include a clause in your will stipulating your assets to be divided evenly among all of your children, but you should always review your estate plans after having a child.

Acquiring Assets

An estate planning attorney can help you update your will after purchasing a new home or acquiring property. You should also review your estate plan after receiving an inheritance, winning the lottery, or undergoing any other major changes in wealth.

Starting a Business

Whether you start a business in which you are the sole owner or you enter a partnership agreement, you will need to determine what happens to your shares in the event of your death.

Losing a Loved One

If you lose a loved one who was named as a beneficiary in your will, you will need to update to bequeath those assets to someone else.

If you need to update your estate planning documents, turn to an attorney from Woodlawn Law Offices in O’Fallon, MO. Visit the website to view their additional practice areas, including Social Security disability and workers’ compensation. To schedule an initial consultation, call (636) 240-6667. 

tracking