A will is an important estate planning tool. This legal document indicates your wishes regarding asset distribution upon your passing, along with the care of any children who require guardianship. While it’s never too early to have a will, there are certain life changes that would warrant an update to the document. Here are a few examples. 

When to Consider Changing Your Will

1. Change in Marital Status

If you’ve divorced, you’ll likely want to disinherit your ex-spouse and name another beneficiary. Additionally, if you become married, you’ll also want to update your will to include your new spouse. Widows and widowers also need to update their wills after their spouse passes to designate a new beneficiary.  

2. Children or Grandchildren

Whether you have biological children, adopt, or officially become the guardian of a child, you’ll want to factor your dependents into your estate planning activities. Specifically, your will should designate who should care for your children upon your passing and any other wishes you have for them. You might set aside some funds for their schooling, for example. 

3. Relocation

State laws vary, so you’ll want to make sure your estate planning documents hold up in your new home if you relocate. Each state has unique legal requirements for creating and executing wills, as well as their own probate courts which interpret those laws. 

For instance, most states require at least two attesting witnesses to be present upon the signing of the will, but this isn’t the case in every state.

4. Changes to Your Assets 

If you’ve recently sold property, inherited a sum of money, or purchased a new major asset, you’ll want to update your will to reflect the change. Consider beneficiaries for high-value assets, such as boats and classic cars, in addition to strictly financial assets. 

5. Tax Updates

Tax laws related to inheritances change frequently. Many individuals aim to reduce the tax burden that will be passed on to their surviving loved ones. Therefore, when changes such as tax penalties and mandatory withdrawals from accounts are signed into law, it’s important to work with an estate planning professional to use tools such as trusts to minimize what your beneficiaries will owe.

If you need assistance drafting or updating a will, turn to the Law Office of Debra A. Brown. This trusted attorney has been serving Torrington, CT, since 1984 and offers an extensive range of estate planning services. See her full list of practice areas online or call (860) 496-7717 to schedule a consultation.