A will allows you to decide how your assets will be divided after you are gone and minimizes disputes over your estate. However, to maximize the effect of your estate plan, your will should be continuously updated to reflect your current life situation. Below are a few reasons to consider revising your will.

When to Update Your Estate Plan

1. Your Family Has Grown

Adding children to your family, whether you have had your own or adopted, requires a substantial overview of your estate plan. Your new will should bequeath specific property to your child and designate a beneficiary to care for them if something happens to you. Failing to update your will could cause complications and unfair results if you unexpectedly pass away.

2. You Have Gotten Married

Both marriage and divorce have a significant impact on your estate plan. Marriage gives your spouse automatic rights of inheritance, which may not conform to your intentions. If you want your assets to be divided differently than the formula contained in state law, you will need to create a new will.

3. You Have Gone Through a Divorce

A divorce automatically invalidates any provisions of your will that would have benefited your former spouse. However, the assets they would have received will be distributed according to your state law. Rewriting your will after the dissolution of a marriage ensures that your assets are distributed according to your wishes.

4. Your Assets Have Changed

Any significant acquisitions not listed in your will would be distributed according to your state laws. Unlisted assets can also make it more difficult for your executor to inventory your estate and fairly divide the assets.

Conversely, if you have lost or sold significant assets, you should also update your estate planning documents. If your will lists items you no longer possess, your executor will find inventorying your estate much more challenging.

5. You Have Relocated

Most states will recognize estate planning documents prepared according to the laws of other jurisdictions. However, there may be notarization requirements or other details that may differ from one state to the next. Failing to meet the legal standards could leave your estate open to a legal challenge, so most attorneys recommend updating your will as soon as you move across state lines.

For over 35 years, the attorneys at LaRowe Gerlach LLP have been providing detailed legal advice to families throughout southern Wisconsin. They understand how complex estate planning may seem and will take the time to ensure that your documents accurately reflect your intentions. Visit their website for more on their array of legal services or call (608) 524-8231 to schedule a consultation at their offices in Reedsburg today.