There are plenty of people who have prepared their Last Will and Testament and believe they have done everything they need to do for their loved ones and secure their estate. The more time passes, the more essential it is to revisit your Will and make sure it is kept up to date. Here are just a few reasons why it might be time to update your will:
- Your relationships have changed
- As we get older, our relationships tend to change. We find new people that we grow close to, while we drift apart from others. This can mean that you no longer want to leave property to who you designated when you initially wrote your Will. It may also mean you want to add new people to inherit your property after you pass away. Either way, your will needs to be updated.
- One of your heirs has passed away
- Another unfortunate reality is that the people we care about may pass away; sometimes before we ever expect them to. While you focus on your grief and loss, you should also consider updating your Will if they were supposed to inherit under your Will. Otherwise, your estate representative will need determine what to do with that inheritance when you pass away.
- You have earned or lost significant property
- Problems might not just occur from the people in your life coming or going. You may also acquire new property or sell it over time. While this is perfectly normal, it can become a problem if your Will grants someone a house you no longer own. Likewise, it can be a problem if you acquire additional property that no one is listed to receive in your Will because you did not update your Will since acquiring the new asset.
- You want to change your executor
- The executor of your estate has the important role of ensuring your Will is carried out. They are also the one who is responsible for representing your estate in court if someone tries to sue your estate for any reason. If the person you choose to be your executor cannot carry out their duties any longer or you want to change your executor, you will need to update your Will to make sure it reflects this change.
- It has been a long time since you wrote your Will
- Finally, it is good to simply revisit your Will from time to time and make sure it is up to date. Even if nothing has changed significantly in your life since the last time you updated your Will, you may find something you wish to change based upon a change in your priorities. To properly address your Last Will and Testament as well as any other aspect of your estate plan, you should speak with a knowledgeable estate lawyer who can best advise you on updating your Will.
Whether for yourself or for a loved one, estate and elder law planning can be overwhelming and emotionally taxing. The legal professionals at Hobson-Williams, P.C. will advise you on the options available to you, and help you establish a plan that best suits your needs. Call (718) 210-4744 or visit our contact page to speak to one of our attorneys and learn how Hobson-Williams, P.C. can help you gain the peace of mind that comes from being prepared for the future.