Three Life-Changing Events That Should Prompt You to Revise, or Create, a Will
While a creating a will might be stressful or upsetting to some, having a will in place can help ensure that your loved ones are secure. A will makes sure that your final wishes are be clearly planned out and that your intended recipients will receive the assets you’ve determined.
Even if you think it might be too early to be thinking about managing end of life dealings, there are several major events that can happen in almost any season of life that may call for writing (or updating) a will. A will can be updated whenever necessary so there is no reason to put it off. In addition, a Peoria IL probate attorney or estate planning attorney can make the process of writing a will very straightforward and legally sound.
Purchasing a Major Asset
If you recently invested in a valuable asset, you may want to consider having your will include who is going to inherit that asset. Major purchases can include vehicles, expensive pieces of artwork, jewelry, or a real estate property.
Having a Child
A will can also ensure that your property is passed along to your children or heirs. While minors cannot legally own property, it’s possible to establish a trust fund where your assets may remain until your child is legally capable of managing them. An estate planning attorney can help you establish a trust fund and explain possible tax saving options that you can take advantage of as well.
A marriage changes many aspects of one’s life, and it may affect who you want included in your will, especially if you’ve been married before. Some states actually require you to rewrite your will after getting married again — or else your first spouse might inherit your estate as if you had no will at all. The exceptions to that law are if you did one of the following:
- You had a premarital agreement specifying a different arrangement with regard to what and how much they will inherit.
- You provided for the spouse (by name) in the will and specified how much of what assets they will inherit.
- You stated specifically in the will that your spouse will not inherit your estate.
Contact an Attorney
Creating or updating a will does not have to be overwhelming. It’s simply planning for the security and well-being of your loved ones, especially if you’re going through some exciting and life altering event. Contact a lawyer today,
Thanks to our friends and contributors from Smith & Weer, P.C. for their insight into estate planning.
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