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Your will should reflect your current marital situation, children, income, and assets. Since this important document dictates what happens to your assets in the event of death, it’s imperative to ensure it remains current as you reach different milestones throughout your life. Below are three events that require a will update. 

When Should You Update Your Will?

1. Marriage or Divorce

Many people choose to leave a significant part of their estate to their spouse. If you recently got married, make provisions for your new spouse by including them in the will and any other estate plans that may be in place. If you recently got divorced, be sure to have your ex removed from the document. Overlooking this crucial step could result in a division of your estate that is far from what you would have intended. Similarly, if you're recently widowed, update your will to reflect this change.

2. Birth or Adoption

willWelcoming a new addition to the family is always a joyous occasion. Though it may feel uncomfortable to deal with end-of-life concerns at such a happy time, consider updating your will as an extra insurance policy for your new arrival. It’s essential that you name a guardian to care for your child in the event of death. Additionally, you can choose to transfer your assets to your child.

3. Acquisition of Large Assets or Income

If you experienced a financial gain, make certain an existing will includes this new income and how it should be divided in the event of your death. Large purchases of sizable assets, such as a new home, a new business, or a vehicle, should be in the document. Without proper protections in place, missed assets or income could become the subject of significant fighting among your heirs after you've passed away.

In addition to the above major events, it is always best practice to review your Will every 5 years with your attorney to ensure that it remains consistent with your overall estate plan and accounts for any changes in the law.

When you need to update a will, contact an estate planning attorney to guide you through the process. Since 2000, the Law Offices of Robert B. Liotta, Esq., have been serving Westmoreland, Allegheny, Armstrong, Butler, and Indiana counties in Pennsylvania. They offer legal assistance at every stage of estate planning, as well as representation in family law and real estate matters. Call (724) 334-9870 or visit their website to arrange a consultation.

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