When estate planning, many mistakenly create a will and then neglect to adjust it as needed throughout the years. Many life events present significant changes, so it’s important to revise the document right away to reflect your most recent circumstances. Outdated paperwork leads to issues after an individual passes, such as delays in the probate process and contentious family disputes. Here are some common reasons to amend your document. 

5 Life Changes That Warrant a Will Update 

1. Getting Married 

A spouse is not always entitled to everything left behind in their partner’s estate. If you want them to inherit all or the majority of the assets or any particular belongings, you must outline those wishes in a will. Otherwise, the state decides how to divide your possessions.  

2. Getting Divorced 

If you don’t want an ex-spouse receiving any assets when you pass away, it’s essential to revoke all provisions that apply to them. To ensure they are completely disinherited, remove their name from all beneficiary accounts and policies and take them off living trusts as well. 

3. Becoming a Parent 

Once you become a parent, it’s important to ensure your children are always protected. Update the will to include them in the distribution of your assets and name a guardian who will raise them in the event of your untimely death.

4. Buying a Home 

Buying a home is a substantial investment that your will must cover. Include provisions about who inherits it upon your death, as well as instructions for paying off the mortgage. Structure the estate plan to correctly account for this new asset and minimize taxes. 

5. Moving to Another State 

Every region has its own estate laws. Even minor variations can make a difference when executing a will. If you move across state lines, have a lawyer review all the documents in your plan to ensure the local courts will recognize them.

Wills are meant to provide peace of mind; however, your wishes can’t be carried out if the document isn’t properly updated. If you’ve recently gone through any of these life changes and need to update the paperwork, Shelton Law Firm will ensure it complies with state laws. Since 1980, the firm has offered clients in Chariton, IA, and its surrounding areas reliable estate planning guidance. Call (641) 774-5956 to schedule a consultation, or visit the website for more information on how they can assist.