As the holidays approach, you may be spending plenty of time thinking about the blessings of life and family. Therefore, now is the perfect time to preserve your legacy by updating your will. If you’re wondering why this estate planning document might need to be modified, consider the following reasons.

Why Should You Update Your Will?

1. Your Family Is Growing

As your children start showing up for Thanksgiving dinner with little ones of their own, you may be considering the part you’ll play in your grandchildren’s lives. While it’s important to be there now, you can also look out for them after you pass by adding them as beneficiaries in your will. From births and adoptions to marriages, there are plenty of ways your family may grow, and you won’t want to leave any new loved ones out.

2. There Are Changes in Assets

If you recently sold your business, earned an inheritance from a lost loved one, or bought a house, it’s crucial to update your estate plan accordingly. If you were to pass away suddenly, who would you want these assets distributed to? If you don’t dictate specific beneficiaries, the decision might be made by the court, which may not have your interests in mind.

3. Your Loved One Passes

If your spouse passes before you, the court may give their assets to the next beneficiary in line after your death, such as your grandchildren. However, you might rather the asset go to your sibling, for example. Just because you've specified whom you want to receive your existing assets doesn't mean that this will apply to new acquisitions, so be sure to update your will after the death of a loved one.

If you’re interested in adjusting your estate plan, get in touch with Stayton Law today. This Willamette Valley, OR, firm has been serving local clients for generations, and they pride themselves on offering attentive, customized service for all. Whether you need guidance on real estate, elder law, or a corporate matter, call them today at (503) 769-7741 to schedule your consultation. You can also visit the website to learn more about their practice areas.