Because your preferences, relationships, and financial situation change over time, you should adjust your estate plan accordingly to make sure it reflects your status and intentions. Here are three life developments that call for an appointment with an estate planning attorney.

3 Times to Revisit a Will

1. Birth of a Child

When you become a parent, you should review your will to include additional details and provisions. No one can predict the future. A will and estate plan make sure that you can continue to protect and provide for your children if you die unexpectedly. You can use a will to name heirs and appoint a guardian for your minor children. If you pass on without a will, your spouse may need to go to court for permission to act as guardian for your kids. In addition, the state may distribute your property and other assets according to succession laws that may not comport with your intentions. 

2. Marriage or Divorce

A change in your relationship—particularly a marriage or divorce—necessitates action if you don’t want your spouse to encounter difficulties in retaining your property. If you remarry, you should remove an ex-spouse from your will.

When you pass without a will while married, some of your assets may have to go through probate for adjudication. On the other hand, a former spouse may acquire possessions that you’d rather leave to someone else. Always consult an attorney to update your will to ensure accuracy and validity.

3. Acquisition of Significant Assets

Any major acquisition of assets or events that affect your finances should be reflected in your estate plan, including starting a business, sale of a valuable asset, substantial gains in stock value, and real estate purchases. You’ll likely want particular beneficiaries to receive specific assets. Having a valid will enables you to do just that. Speak with your estate planning attorney early to avoid the consequences of an invalid will or one that doesn’t transfer assets as you had planned.

If you want a dedicated attorney who can expertly handle your estate plans, turn to Andrews & Pontius, LLC in Ashtabula, OH. This established law firm will provide you with legal advice and personalized solutions when you need assistance with wills and trusts, personal injury, criminal defense, business law, divorce, or child custody. Call their office today at (440) 998-6835 to schedule an initial consultation, or visit their website for an overview of wills and probate.