If you’re like most people, talking about your will and testament is not among your favorite conversations. However, this important document guarantees your family is set up for success after your departure. The more familiar you get with this document, the more one can see that it’s not set in stone: you can update your will frequently with help from your legal advisor.
There are a few common life changes that require updates to your Will. Here are 5 of the most common changes that will require your attention:
Change in Financial State Whether you’ve been bestowed a large inheritance from another loved one’s will, or your company has reached new heights- it’s important to reflect your new financial situation in your will and testament.
You may want to discuss with your lawyer or financial advisor about how your new financial gains will look years down the road for further updates. But in the case of your will it’s important to write in the present tense, as one never knows what could happen tomorrow.
Contrarily, if you experience significant financial losses due to unforeseen circumstances, it will be important to update your will to reflect your current state. You cannot give to loved ones what you no longer have in your possession. Updates like these ensure your family is left with ease in navigating your wishes, rather than recalculating what has been left behind.
Change in Committed Relationship If you’ve recently gotten married, congratulations! This calls for celebration and paperwork. When changing your committed relationship status, it will be imperative to update your living will, as well as life insurance, savings bonds and any bank account updates you’d like to share.
Becoming a Parent or Grandparent - This important life event life can be so exciting that updating your living will is the furthest thing from your mind. However, you’ll want to make sure you bestow your new children or grandchildren everything you wish they have to remember you by. If you previously left most items to your children, you may adjust your statements to include grandchildren at this time.
Divorce or Loss of Spouse - This tragic time requires an updated will and testament to provide new inheritors with items previously left to your loved one. If your will previously stated your husband or wife as the executor of your document, it will be imperative to adjust this portion as well.
Severe Illness - During times of debilitating health crises, some find comfort in getting their affairs in order. Considering a worst-case scenario, it’s best to revisit your will and testament and ensure you have everything in order.
Curious how to make changes on any of the major life events above?
It’s important to note you cannot write changes on your current will. Adjustments must be formally made through a codicil to the existing will, or by creating an entirely new will and testament. Our team is here to help you.
Mestayer Law Firm provides civil litigation for clients throughout the Gulf Coast area including Pascagoula, Biloxi, and Gulfport. If you are making future plans for your estate, then contact us today and let us help take care of every detail of your finances. Call us today at 228-762-1193 or visit www.pascagoulalaw.com. We are your legal experts! You can also visit our office located at 2128 Ingalls Ave. in Pascagoula, Mississippi. We look forward to talking with you!
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of our knowledge, but that there may be omissions, errors, or mistakes.