As the main part of your estate plan, a will describes how your assets should be handled after you pass away. While initially creating a will with an estate lawyer provides immediate protection, you must revisit the plan throughout your life to ensure it still reflects your wishes. Here are a few examples of times when you should revise the document.

When Should a Will be Revised?

1. New Assets

If you purchase real estate, receive an inheritance, or acquire any other substantial assets, ensure these items are listed in your will. Adding information about beneficiaries for each type of property allows the courts to distribute them according to your wishes.

2. Changes in the Family

When you welcome a spouse, child, or grandchild into your life, change your will to include them as beneficiaries.

When you get divorced, your former spouse may still be the legal benefactor. If you’d rather pass on your assets to another family member, such as children or siblings, remove them from your will. You should also change beneficiaries who pass away.

3. New Business Ventures

If you start or buy a business, your will should include who you want the company to be transferred to upon your death. If there is no designation, a court may decide to pass it onto the next-of-kin, who may not have an interest in the business. Disputes can cause downtime for the company, so including a beneficiary familiar with the venture keeps your legacy alive.

Robert A. Schwartz is a leading resource for estate planning in the metropolitan area of Rochester, NY. As an experienced estate lawyer, Schwartz will help you carefully review the terms of your will to ensure they accurately reflect your wishes. This attorney also helps with other aspects of estate planning, such as creating a trust or designating guardians for minors. Visit this estate law office online to learn more about their work with wills, or call (585) 334-4270 to schedule a consultation.