If you have assets, young children, and/or a house you should have a will. So you have a will. That’s great! Have you updated your will within the last two decades? If your will is more than 10 years old, you should consider updating it.
Changes In Your Life
As you grow older, the reasons for writing a will may have changed. You initially may have written a will to deal with who will raise your children in the event both parents die. You may have assisted one or more of your children with financial issues and seek to even things out when you pass. There are numerous reasons for updating your will. Your will should be up to date. An outdated will runs the risk of not serving you or your family’s needs.
Will Evaluation
The American Bar Association maintains a guide entitled “Guide to Wills and Estates.” This guide discusses a variety of situations that may require a will to be reevaluated. The first is the death of your spouse. Divorce or death of some of your beneficiaries would also be a significant reason to update your will.
Grandchildren
Do you have grandchildren? You can make financial arrangements for your grandchildren in your will. If your grandchildren were born after you wrote your will, your will needs to be updated.
Tax Issues
At the time you wrote your will, you may not have had a significant estate. Your financial situation may have changed. You may need a more sophisticated estate plan to avoid estate tax issues.
A Significant Other
If you have a significant other and you are not married to this person, they will not be able to live in your house, or your apartment if you do not have a will. The best way to determine whether your will is adequate is to meet with an estate planning attorney and discuss all of the issues raised in this article.
The Law Offices of Schlissel DeCorpo has been assisting our clients for more than 45 years in dealing with wills, probate, contesting wills, issues involving executors, revocable trusts, irrevocable trusts, elder law issues, as well as Medicaid issues and Medicaid planning techniques.
Should you have questions concerning any or the aforementioned items, feel free to give us a call at 1-800-344-6431, 516-561-6645 or 718-350-2802.
