Putting together a will is a crucial component of ensuring your loved ones and assets are protected after you’ve passed on. Unfortunately, though, there’s a common misconception that you only need to address this task one. The truth is, many life circumstances warrant a second look at your estate plans, especially the situations listed below. 

3 Times You Need to Update Your Will

1. Divorce

The most popular time for people to put together a will is after they get married. Many individuals opt to complete this task after an official union because they need to handle responsibilities like setting up life insurance beneficiaries and designating a power of attorney. However, if you decide to get a divorce, you’ll need to adjust your will accordingly. In this case, you’ll likely want to redesignate your power of attorney and modify your listed assets to reflect changes from split properties and bank accounts. 

2. Kids

Once you start having children, there are a few changes you’ll need to make to your will. First, you’ll need to update your life insurance policy once again to designate them as secondary beneficiaries. You’ll also want to list which assets they should receive upon your passing. Most importantly, though, you’ll need to outline who should be their official guardian in the event you and your spouse both pass. 

3. Finances

Whenever you experience a significant, long-lasting change to your financial status, you should update your will accordingly. Common examples of this include receiving a large sum of money through an inheritance, winning a type of lottery, getting a hefty bonus or raise at work, or gaining or purchasing a piece of property.

If you need help revising or putting together a will, turn to the professionals at Wills and Trusts Hawaii. Based on Honolulu, these lawyers offer a specialized focus on estate planning, giving them an innate understanding of the associated laws. This allows them to ensure each of their clients get the most protection possible. Visit them online to learn more about their firm, and call (808) 792-8777 to schedule a consultation today.