Unexpected Changes in Your Life That Should Affect Your Will
You never know what can happen in life. One day you may have your first child, buy a new house, or be the owner of your very own small business, you just don't know, but what our estate planning attorneys at the Lake of the Ozarks know, is that your will should be updated which each unexpected life change. To learn more about this process and to make sure you are covered properly when it comes to your will, see our Camden County estate planning attorneys. Phillips, McElyea, Carpenter, and Welch is here for you. Keep reading to learn a few examples of unexpected life changes that should affect your will.
New child
If you are having a new child, you may consider adding them to your will or trust. If you choose to do this, while your will is probably the last thing on your mind at a time like this, remember to add heras a beneficiary so she can inherit when you want her to inherit. No one likes to think about it, but you never know what can happen in life and it can just be best to be prepared.
Divorce
Often, people will list their spouses as beneficiaries in their will. However, if you get divorced, remember any reference in your will to a spouse would be null and void, but it would be a good time to review the other provisions of your will to determine whether the divorce would require other changes.
New House
If you are buying a new home or vacation home, congratulations! Remember, to add to this HUGE asset to your will, trust or non-probate transfer plan, so it goes to the person of YOUR choosing upon your passing in the most economical and efficient manner.
Becoming a Business Owner
Transitioning your business can be very difficult if there is not a succession plan in place upon your passing. Make sure you do this as soon as possible if you become a business owner.
Phillips, McElyea, Carpenter, and Welch understands how difficult it can be to think about what happens when you pass away, but the reality is you can be helping your family and other loved one tremendously by getting these sorts of things figured out. There can be consequences to not having a will or estate plan, such as:
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.
Unexpected Changes in Your Life That Should Effect Your Estate Plan
New child
If you are having a new child, you may consider adding them to your will or trust. If you choose to do this, while your will is probably the last thing on your mind at a time like this, remember to add heras a beneficiary so she can inherit when you want her to inherit. No one likes to think about it, but you never know what can happen in life and it can just be best to be prepared.
Divorce
Often, people will list their spouses as beneficiaries in their will. However, if you get divorced, remember any reference in your will to a spouse would be null and void, but it would be a good time to review the other provisions of your will to determine whether the divorce would require other changes.
New House
If you are buying a new home or vacation home, congratulations! Remember, to add to this HUGE asset to your will, trust or non-probate transfer plan, so it goes to the person of YOUR choosing upon your passing in the most economical and efficient manner.
Becoming a Business Owner
Transitioning your business can be very difficult if there is not a succession plan in place upon your passing. Make sure you do this as soon as possible if you become a business owner.
Phillips, McElyea, Carpenter, and Welch understands how difficult it can be to think about what happens when you pass away, but the reality is you can be helping your family and other loved one tremendously by getting these sorts of things figured out. There can be consequences to not having a will or estate plan, such as:
- Your estate may be subject to higher taxes.
- Disputes may arise among heirs.
- Property becomes subject to division based on the interstate laws of the state of Missouri, not the wishes of the decedent.
Just get this process going and make sure you have a will if you don't already with estate planning lawyers in Camdenton that you can count on. Call 573-346-7231 today for your free consultation.
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.
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