A last will and testament is the foundation of an estate plan. Because it comprises so many essential topics, you should update it as your life progresses and changes. If you find yourself in any of these three situations, review your will’s provisions and details and make any necessary updates. 

3 Occasions on Which to Review a Will

1. After a Change in Your Household

If you’ve just welcomed a new son or daughter into the world, you’ll need to make room for them in your estate planning documents. For example, you may want to identify a guardian should you pass when they’re still a minor or set up a trust they can access upon turning 18. If you’re getting married, adding provisions to protect your spouse and transferring  specific assets to them is likely necessary. After a divorce or the death of a spouse, you should rethink asset distributions.

2. Following a Move

Estate law isn’t governed only by federal authorities—it changes depending on which state you live in. If you’ve moved to another part of the country, different regulations may affect how your estate is divided among your next of kin and the rights your children have to claim their inheritance. Working with an attorney and familiarizing yourself with local laws will help you update your will to accommodate a change in residence, ensuring your wishes are fulfilled and your loved ones are taken care of. 

3. When Your Financial Situation Changes

The more assets you acquire the more content you’ll have to address in your will should you pass unexpectedly. For example, if you were left a sizable inheritance, you’ll need to choose a beneficiary for any property or stock you inherited. If you’ve just opened up a company, you may need to make arrangements for the capital and profits you’ve acquired, choose a successor, or add your partners to your will.

If you find yourself in any of these situations, make an appointment at Lewis, Brackin, Flowers & Johnson in Dothan, AL, to go over the details of your will. This firm uses their estate law experience to help clients in southeastern Alabama modify wills and supporting documents, such as powers of attorney and advanced directives. To learn more about their practice areas, including employment, construction, and real estate law, visit their website. You can also call (334) 792-5157 to schedule an initial consultation.

No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.