Estate planning is rarely a one-time legal process. You will go through many changes in your life, and this will directly impact how you wish to distribute your assets through your will. The following are a few of the most common situations when you should work with a will attorney to update your plans.

Top 3 Times to Consider Changing Your Will

1. Divorce or Remarriage

Any significant change in your family situation warrants a review of your estate plan. If you get a divorce, you would not want to leave assets to your ex. This will also affect what you leave for any children from the marriage. After remarriage, many people add their new spouse to the will. Also, consider adding any stepchildren—they aren’t entitled to any assets if they aren’t specifically in the will.

2. Receiving Retirement Funds

If you have a 401(k), IRA, or another similar retirement plan, you must take distributions once you reach 70 and a half years old. Update your estate plan before this landmark to account for how this will change your finances and gifts to beneficiaries. Additionally, you will want to show this new income in your medical plans, as well.

3. Substantial Estate Changes

A significant increase or decrease in the size of your estate will warrant updating your will. This could include buying or selling a property, major stock gains or losses, and sudden income. The terms of your estate plan should not include assets that you no longer own.

If you need help navigating the estate planning process, contact Dennis P. Faller, Attorney at Law in Wapakoneta, OH. Specializing in estate planning since 1979 and serving Auglaize County and the surrounding area, this experienced attorney can help with living wills, probate, and real estate contracts. To learn more about his practice areas, visit him online. To schedule a consultation, call (419) 738-4578.