Think it’s Time to Revise Your Will? Here’s How to Know for Sure
A Will is not something you create and forget about.
Life changes, and it is important to make sure that you are leaving your assets to the people that mean the most to you. There are seven major life altering events.
Did You Just Get Married?
This is typically a time when people think about getting a Will done. Prior to you saying “I do,” it is likely that your parents or siblings were the beneficiaries of your life insurance, assets, estate or money. Now that you have a spouse, you may want to entirely overhaul (or even start) a brand-new Will or reconsider the terms of your life insurance policy. If you pass on prior to your spouse (say in the event of a common car accident) that person will be taken care of.
You Have Health Issues
You can never truly know what life will throw at you. You may encounter a time when you are unable to make decisions on your own behalf. Establishing a Will and Living Will prior ensures that your wishes will be followed even when you are not able to make decisions. Do not leave your family struggling in the most stressful time.
Congratulations! It’s a Boy!
Did your family just grow by one? This is typically the time when parents often consider creating a Last Will and Testament. After all, the financial future of your child is your responsibility. As a parent, you are going to want to ensure that your child has the best opportunities in education, health and travel. A nice inheritance can do just that.
You Own or Have Sold Property
Whether you are a budding real estate mogul or simply have dreams of owning a home, in the event that you have made a major property purchase (i.e. purchasing a condo or house) you REALLY may want to look at making changes to your Last Will. If, for instance, in the event of you selling off property and making a small mint off of the sale, you may decide that you want to bequeath this amount to one of your beneficiaries.
Your Beneficiary Passed Away
While many people often arrange for younger beneficiaries to receive assets in their Last Will and Testament, the unexpected can always occur in life. If your beneficiary has passed, you may want to revise your Will to ensure that your assets are now bequeathed to a new beneficiary.
You Have Become a Grandparent
Congratulations! Not only did you raise a family, but now your kids have children. If you would like to leave them something that might help them through a major financial undertaking, now is a great time to update and revise your Will.
You Won the Lottery! (Or You Have Landed Your Dream Job)
Okay, maybe you didn’t win millions, but you did land that dream job! It has significantly changed your financial circumstances. You are probably now seeing dollar signs and considering buying that condo, beach house, boat, car, or travelling to exotic places. After the initial euphoria wears off, it may be a good time to think about revising your Last Will and Testament. Can you, for instance, increase the amount of money you would like to leave in trust for your children? Or the amount of money you would like to bequeath to your elderly parents or loved ones?
There is no Time Like the Present
While it might seem as if every significant life event is a reason to update your Last Will, it is really more about doing the legwork to ensure your will is up-to-date. Again, your Will isn’t something you just set and forget. Being active now makes life easier later on.
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