Wills are powerful legal instruments, but they’re only effective if they accurately reflect your current priorities and assets. An outdated Will may result in unintended consequences, that defeats the entire reason for having a Will, “CERTAINTY”. Reviewing and updating your Will after major life changes will help protect your loved ones and ensure your wishes are respected.  We also encourage you to spend some time reviewing your assets as more and more assets have a beneficiary designation and such designation may also be out-dated.

When to Update Your Will

1. Marriage

New York State laws gives spouses automatic inheritance rights that may or may not reflect your wishes. If you want your spouse to inherit an asset—such as real estate property—then it’s wise to include that specific information in the will update (being mindful that the existing mortgage will not automatically transfer). 

2. The Birth of a Child

Having a child changes every aspect of your life, and your estate plan is no different. Indeed, to me, the most important reason for a will is so that you can appoint who YOU wish to choose to serve as guardian (and trustee) for your child(ren), rather than the Courts.  If you fail to name a guardian, the courts will select a family member or friend who petitions for the role to become the child’s legal guardian. This person may not be your first choice, so make sure to include this essential information in your will.  Moreover, there are additional financial implications that need your consideration. 

3. Acquiring Significant Assets

If your estate has significantly increased in value since your will was prepared, your will should be updated to include your new assets. For example, if you started a new business, purchased real estate property, or if your earnings increased in value, make sure to detail how you want these assets distributed among family and friends. Otherwise, any belongings not included in the will may be distributed to people who are not your first choice.

Whether you’re updating your will or preparing an estate plan for the first time, Pelkey & Pelkey P.C. will help simplify the process and ensure your final wishes are respected. Bryan has more than 30 years of legal experience, providing residents in Rochester, NY, with comprehensive representation. Visit our website for more on our. estate planning services or call (585) 544-3440 to make an appointment.