There have been a few times in my life that I have needed a lawyer, and during those times, their help was invaluable. I worked with lawyers during the custody battle for my kids, when I dissolved the partnership for my business and after I suffered an injury at work. In this blog, I plan to write about the law from a range of angles. I may share posts inspired by my personal experiences, what's popular in the news or what strikes my fancy when I'm writing. I have a daughter, Oliva. I manage a medical clinic, and I love blogging. I hope you like the results. My name is Melinda, and thanks for reading!
Once you have drafted all your estate planning documents, that is not the end of it. You can revise or review these documents from time to time to ensure that they are current and truly reflect your wishes.
With the help of qualified wills and estates lawyers, you can amend your will and other estate planning documents and ensure that you do it such a way that it will hold in the legal sense. By law, and as your lawyer will advise you, any changes to your existing will must be signed in the presence of a witness.
Now then, when should you change or revise your will?
Change In Family Status And Your List Of Beneficiaries
You may want to review your will when you get married and when you get divorced. In most states, a spouse or ex-spouse is entitled to a share of your estate once you pass away. Revising your will accordingly will ensure that they receive more or less, depending on your wishes.
Your will may also need to be revised to include new additions to your family including a new child, biological or adopted, as well as any grandchildren. The same applies if a child, grandchild or any other family member included in your original will passes on.
If you wish to include a new friend or family member, to bequest a part of your estate to charity or to remove any beneficiary from your will, a revision will help you do exactly that.
Significant Change In Estate Value
Where there is a substantial decrease or increase in the net worth of your estate, then you may want to consider revising your will to reflect this change. This change may be as a result of the acquisition or disposal of an asset in your estate.
Changes In Legislation
Some laws governing estate planning and related matters will effectively invalidate your original law once they come into effect. Wills and estate lawyers will help you stay on top of the last changes in the relevant legislation and help you make the necessary revisions to ensure that your estate planning documents are all in order according to the law.
Again, some specific laws vary from one state to another, and your wills and estates lawyer will guide you on how to go about this.
Simply adding to or crossing out content from your will doesn't qualify as a proper revision. Your lawyer can help you review and revise your estate planning documents as you wish and in accordance with the law.
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