When Should You Consider Changing Your Will?

If you’ve visited an estate planning attorney to draft your last will and testament, you’re already taking a step in the right direction. However, wills are not a “one and done” solution. At certain points during your lifetime, you should revisit a lawyer in the Tracy or Manteca areas to update your will. If you’re ever unsure of whether it’s time to update or completely revise your will, a lawyer who handles estate planning matters can offer guidance.

When You Move

A move across town doesn’t necessarily necessitate an update to your will, unless of course, you’ve experienced other changes in your life circumstances. However, if you’re moving across state lines, you may need to consider talking to an estate planning lawyer. This is because some states are community property states, whereas others are common law property states. This difference refers to the way in which the law treats marital property.

When You Expand Your Family

You can use your last will and testament to designate beneficiaries for your treasured possessions , but families are subject to change. When you marry (or divorce), it’s time to update your will to reflect new beneficiary preferences. If you marry and acquire new stepchildren, you should be aware that these individuals may not necessarily inherit anything from you unless you specify their inheritances in your will. It’s also a wise decision to revise your will when you have a new baby or adopt a child. In these cases, designating the kids as your beneficiaries is just one of the reasons to update the will. You’ll also need to designate a legal guardian in the event that you pass away before these children become adults.

When You Acquire or Sell Major Assets

You may have left your artwork collection to your sister, but what happens if you decide to sell it or give it away instead? You may wish to update your will to leave your sister a different family heirloom instead. Similarly, if you acquire a major asset such as a boat, you may need to add a beneficiary to your will.