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Wills are not static documents. Although it’s wise to take a proactive approach to estate planning and draft one long before loved ones actually need it, it’s important to remember that wills should be reviewed and revised periodically. After all, both your financial situation and family dynamic will undoubtedly evolve over the years, so your estate documents should do the same after every major life transition. Here are just a few scenarios that may call for modifications to the terms of your will. 

When to Review & Update Your Will 

1. When Your Immediate Family Members Change

Getting married or divorced will most certainly call for a revised estate plan, as will having or adopting children. Depending on the circumstances, you may want to modify the terms of your will when there is a change in the extended family as well. For example, you may want to add new nieces, nephews, or grandchildren as beneficiaries. 

2. When You Move to Another State 

willsWhen it comes to estate planning, every state has different statutes. As a result, what is legally binding in one state may not necessarily be valid in another. Therefore, if you ever relocate, it’s wise to review your will with a local attorney in your new state of residence to ensure it will still hold up in a court of law. 

3. When Your Net Worth Changes Significantly 

Eliminating debt, buying a home, receiving an inheritance, and selling a small business are just a few examples of situations that can change your net worth significantly. Therefore, each warrants a review of any estate plans. Revising your will every time the family’s net worth changes will help mitigate potential disputes over various assets during probate. 

 

If you want to learn more about wills, trusts, and other estate planning arrangements in Tazewell, TN, turn to Estep & Estep. Founded in 1953, this firm is proud to provide comprehensive legal services to clients throughout Claiborne County. They can assist with everything from completing complicated real estate transactions to securing personal injury payouts. To reach out and schedule a consultation with a wills and trusts attorney, fill out the form on their website or call (423) 626-3525. 

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