Common Life Events that Require an Updated Will
When a major life event occurs, it’s important to update your will to reflect changing circumstances. Whether you are revising your will to add a new family member or simply wish to include additional assets, consider the following life events that typically require an updated will:
- You get married: When you enter into a marriage, you agree to build a life with your partner. Including a spouse in your will ensures that your partner receives any assets or property you wish that person to inherit at the time of your death. Naming a spouse in your will can help your partner be financially independent in your absence, and can also keep important pieces of property in your family.
- You get divorced: Conversely, should you get divorced, you may wish to remove your former spouse from your will entirely. During this time, you may also wish to keep or remove any stepchildren who were included in your previous plans.
- You have a new baby or adopt a child: With every new addition to your family, you will want to update your will to include each child as a beneficiary. Listing your children in your will can help provide for them financially in your absence. Additionally, through a will, you can name a guardian, who will take responsibility for raising your kids should you pass away.
- You purchase a home: As you purchase property throughout your life, you’ll want your will to reflect the appropriate and updated value of your estate. When you buy a home for your family or a vacation house, it is important to add each property into your will. Similarly, if you upgrade or downsize your home, you should revisit your will.
If you would like more information on whether it is time to revise your will, work with the knowledgeable Tampa estate planning lawyers at BaumannKangas Estate Law.