Drafting a will is a fundamental part of estate planning, allowing you to determine how your assets should be distributed after you pass. As life continues to change, taking the time to review this document could ensure the well-being of your loved ones. The guide below covers a few examples of times when you may need to make a few alterations.

When Should You Change Your Will?

1. Family Events

Modifying your will as your relationships change ensures that all of your loved ones are included.  

Instances when you have to say goodbye to a beneficiary, such as following a divorce or funeral, may require a revision of your will. When you reconnect with a family member or have grandchildren, you may also want to add new people to the document.

2. Interstate Move

Each state has its own estate planning laws. Living wills, for example, are not recognized by some states despite being accepted in North Carolina. 

Neglecting to review your will with a local attorney after a move could invalidate some of your requests. Check that your will is still valid after moving to a different state and make any necessary adjustments.

3. Assets Change

North Carolina no longer requires an estate tax from most residents who pass away. However, tax is collected from estates worth more than $11.58 million.

If a lottery win or large inheritance pushes the total value of your assets past that threshold, your beneficiaries must pay the state’s estate tax before receiving the remaining assets. In this situation, you may have the option to create trusts to keep some property out of probate. 

If you need help revising your will, reach out to Ferguson, Hayes, Hawkins & DeMay, PLLC in Concord, NC. These attorneys have more than 40 years of combined experience, paying attention to detail and maintaining close communication with their clients. Call (910) 830-0939 to set up a consultation, or visit their website to learn more about estate planning. You can also text LAWYER to (910) 830-0939 for special promo information.