Thinking ahead and preparing a will with a lawyer makes great sense. Now that you have a will, when is it time to revisit the will and revise who will inherit your assets after you have passed on.
Changes in Inheritance Law
Staying on top of changes to inheritance law is a great way to figure out when to update your will. Anytime there is a major change to the law, consult with your legal representative to see if they feel an update to your will is appropriate.
Changes in Finances
Whether good fortune or bad, when there is a major change in your financial situation it might be time to revisit the will. In the case of gains, you may wish to change percentages or amounts left to your next of kin. If there are financial setbacks, then it may be that amounts should be reduced or changed accordingly.
A Growing Family
Children, grandchildren or even great grandchildren can be a reason to change your will. As your family grows, consider changing your will to reflect that.
Heath concerns
If heath takes a turn for the worse, using annual exclusions or transferring property before your death may allow beneficiaries to avoid costly taxes.
Contact the law professionals at Stano Law Firm today for any questions you might have concerning an existing will and changes you wish to make.
