When Should You Update Your Will?
Wills and testaments are important documents that dictate what will happen to your property and assets after you pass away. If you die without an effective estate plan, your assets may have to undergo a lengthy probate process before they can be distributed to your surviving heirs - and even then, you can't be sure that they will be divided according to your wishes.
Establishing a will ensures your assets will pass in accordance with your wishes. Of course, wills are not passive documents that can be written and then forgotten. There are several common life occurrences that can be cause to update your will. Today, the team at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help examine a few of them.
5 Reasons To Update Your Will
1. Getting Married Or Divorced.
Chances are your marital status will greatly impact whom you would like to inherit your assets. If you are single with children, you may wish your assets to be passed directly to your children. If you are married, you may choose for your assets to be passed to your surviving spouse first. Both marriage and divorce are equally important times to update your will.
2. Moving To A New State.
Laws vary slightly from state to state, and there is a chance that a will you drafted in one state may not be considered valid in another state. If you have moved to a new state since you last updated your will, we recommend consulting with a local estate planning attorney to see if your will is valid in accordance with your resident state's law.
3. Having A Baby.
Children play a major role in estate planning in two predominant ways. One: if you have minor children, you should assign a guardian to care for them if something happens to you or your spouse. Two: if you wish to leave specific assets to your children, you will need to include that in your will. When you are welcoming a new baby into the family, it's important to make sure you will is updated.
4. Starting A Business.
If you are the owner of your business, you'll have your company's responsibilities and assets to manage in addition to your personal ones. When business assets are involved, it becomes even more important to make sure you have a will properly established. If you are thinking about starting your own business, talk to an estate planning attorney or business attorney at the Lake of the Ozarks.
5. Experiencing Financial Windfalls or Setbacks.
It is very typical for wills to be structured differently depending on the value of the estate. For example, wealthy individuals may wish to begin transferring assets to their heirs while they are still alive (in an attempt to reduce taxation). Individuals who are experiencing financial setbacks, on the other hand, may understandably want to keep funds in their own accounts as long as possible. If you are experiencing (or expecting) a significant change in your financial status, we recommend contacting your attorney to update your will.
Our Estate Planning Attorneys Can Help!
If you are interested in updating your will (or establishing one in the first place), contact one of our estate planning attorneys at the Lake of the Ozarks. We have experienced drafting several different estate planning documents, including wills, trusts, powers of attorney, living wills, healthcare directives, and more. Give us a call to set up your initial consultation today.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
Establishing a will ensures your assets will pass in accordance with your wishes. Of course, wills are not passive documents that can be written and then forgotten. There are several common life occurrences that can be cause to update your will. Today, the team at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help examine a few of them.
5 Reasons To Update Your Will
1. Getting Married Or Divorced.
Chances are your marital status will greatly impact whom you would like to inherit your assets. If you are single with children, you may wish your assets to be passed directly to your children. If you are married, you may choose for your assets to be passed to your surviving spouse first. Both marriage and divorce are equally important times to update your will.
2. Moving To A New State.
Laws vary slightly from state to state, and there is a chance that a will you drafted in one state may not be considered valid in another state. If you have moved to a new state since you last updated your will, we recommend consulting with a local estate planning attorney to see if your will is valid in accordance with your resident state's law.
Children play a major role in estate planning in two predominant ways. One: if you have minor children, you should assign a guardian to care for them if something happens to you or your spouse. Two: if you wish to leave specific assets to your children, you will need to include that in your will. When you are welcoming a new baby into the family, it's important to make sure you will is updated.
4. Starting A Business.
If you are the owner of your business, you'll have your company's responsibilities and assets to manage in addition to your personal ones. When business assets are involved, it becomes even more important to make sure you have a will properly established. If you are thinking about starting your own business, talk to an estate planning attorney or business attorney at the Lake of the Ozarks.
5. Experiencing Financial Windfalls or Setbacks.
It is very typical for wills to be structured differently depending on the value of the estate. For example, wealthy individuals may wish to begin transferring assets to their heirs while they are still alive (in an attempt to reduce taxation). Individuals who are experiencing financial setbacks, on the other hand, may understandably want to keep funds in their own accounts as long as possible. If you are experiencing (or expecting) a significant change in your financial status, we recommend contacting your attorney to update your will.
Our Estate Planning Attorneys Can Help!
If you are interested in updating your will (or establishing one in the first place), contact one of our estate planning attorneys at the Lake of the Ozarks. We have experienced drafting several different estate planning documents, including wills, trusts, powers of attorney, living wills, healthcare directives, and more. Give us a call to set up your initial consultation today.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
We accept Visa, MasterCard, and Discover.
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Camdenton, MO 65020 GET A MAP
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