An up-to-date will is a cornerstone of wise estate planning. Specific changes in your life offer good reasons for reviewing your will. Circumstances, including the ones below, can trigger the need for amending provisions in this important document.

When to Amend Your Will for Smart Estate Planning

1. Expanding Your Family

Adding a child or children as beneficiaries of your estate may help avoid legal challenges to the will later. Also, a will is the only way you can designate someone you trust as a guardian for your minor children in case you pass away before they reach adulthood. Otherwise, the state chooses someone to take on that responsibility.   

2. Moving to a New State

Because laws for wills and probate differ from state to state, one that’s valid in your former state may not meet the requirements of your new location. Consulting an estate planning or probate attorney in your new state soon after your move can ensure your documents are sufficient.     

3. Changing Your Financial Status

You might have started or retired from a business, filed bankruptcy, inherited real estate, or received a legal settlement. Increases or decreases in the value of your estate may impact the gifts you make in your will.

Amending it or drafting a new one to reflect changed financial circumstances helps avoid confusion, such as a will that references property that is no longer part of the estate. With increased assets or income, you may want to be more generous to current beneficiaries or add new ones.    

It’s important to keep your will current with your circumstances. At Lane, Felix & Raisbeck CO, LPA, in Cincinnati, OH, the estate planning attorneys provide more than 30 years of experience in addressing life changes and updating wills. These legal professionals combine skill and compassion to ensure your wishes are expressed clearly in every document they draft. Visit the law firm’s website to learn more about their services. To schedule a probate attorney appointment, call (513) 922-7700.