When is it time for a new Will?
April 19, 2019
You have a Will, and that’s great. You’re already doing better than 60% of the country. But when is the last time you updated it?
Your Will may need to be revised from time to time, especially if a major change in your life occurred. If any of the following have happened since you first created your Will, it’s time for an update.
You and your new spouse should have new Wills created after you get married. Most people leave all of their property to their surviving spouse. If that isn’t what you want, it should be clearly stated in your Will.
Getting Married/ A New Partner
Unmarried partners inherit nothing, no matter how committed the relationship. So if you want to leave your property and assets to your partner, the Will should be very explicit.
Getting DivorcedIn most states, a divorce nullifies any property that would go to your former spouse. This does not apply in every state. If you are unsure if this applies to you, please contact a lawyer.
A new Will should be written with the arrival of a new child. If both parents are ever unable to care for the child, you’ll want to have a personal guardian named for them.
If you acquire new property and want to leave it to a specific person, this should be stated within in your Will. An update should also be made if you later decide to change the recipient.
Acquiring New Assets
Changing and creating a new Will can be time consuming and confusing. Let the lawyers at Isom Stanko Senter help you today!