Your will may be a legally binding document, but it shouldn’t be a stagnant one. Once you have created a will, it is important to review it periodically to ensure it still reflects your financial situation, your current relationships, and any last wishes. If you have questions about will probate or need to update your estate plan, turn to Osborne Tripp & Schmidt in Sparta, WI. Below, their legal team shares a few times you should review your will.

Will Probate Tips: 3 Times You Should Update Your Will

1. You Move to a Different State

Every state has its own set of laws regarding estate taxes and the probate process. If you recently moved to Wisconsin from a different state, the team at Osborne Tripp & Schmidt can help you devise estate planning strategies that could reduce your loved ones’ inheritance tax burdens.

2. You Have a Child

Although you can bequeath assets to all your children, including those who have not been born yet, it’s still a good idea to review your estate plan every time you have a child. You may have acquired additional assets since you last reviewed your will, and you need to ensure you distribute them accordingly.

3. You Get Divorced

Divorce proceedings are emotionally trying, and reviewing your will may be the last thing on your mind; however, you should go back and update it once the divorce is final because you will likely want to make some changes. You should also update all your retirement accounts and life insurance policies because your ex-spouse is probably the beneficiary or backup beneficiary.

If you need to create or update your estate plan, turn to the will probate team at Osborne Tripp & Schmidt in Sparta, WI. Check out their website to view their broad range of practice areas, including criminal defense and bankruptcy law, and call (608) 269-2400 to talk to a lawyer today.