If you’re like many people, your will is at the heart of your estate planning strategy. If you have experienced one or more life-changing events since the last time you reviewed this important document, it may need updating. Learn more about a few reasons for revising your will with this helpful guide.

When Should You Make Changes to Your Will?

1. Getting Married

When you get married, ensure that your spouse receives a portion of your estate by clearly stating in the will what assets you would like them to have.

In New York, the law allows surviving spouses to claim part of the deceased’s estate even if they are not included in the will. However, making these arrangements ahead of time helps avoid the possibility that your will might be contested.

2. Becoming a Parent or Grandparent

When you become a parent by birth or adoption, you should update your will. A will is the only document in which you can name a guardian for your minor children in case you pass away before they reach adulthood.

As a parent or grandparent, establishing a testamentary trust and referencing it in the will allows you to leave property or funds to be used for the child’s care. You can also name a trustee to manage those assets.

3. Losing or Divorcing a Spouse  

When a spouse passes away or you get divorced, revising the will and naming new beneficiaries are important estate planning actions. It’s wise to consult your attorney about possible tax consequences related to any assets you inherit or receive in the divorce settlement, including retirement accounts, stocks and bonds, and real estate.

When life events require revising your will, contact Louis C. Noto in Rochester, NY. This estate planning attorney offers over 48 years of experience and simplifies the updating process. He will inform you about changes in laws that may affect your decisions, and ensure the new documents express your wishes clearly. Visit the attorney online to learn more about his services or call (585) 232-1815 to arrange a consultation.