A will is many things. It’s a way to transfer assets and to name a guardian for children. It’s a way to help ensure your wishes are carried out, and that your loved ones are cared for after you’re gone. But we know this legal document can be difficult to start — let alone update or amend.
But as your life changes, you will need to update your will. What should trigger an update? We break down five scenarios that call for updates or amendments to your will.
When You Get Married or Divorced
If something should happen before updating your will, your spouse may not be the beneficiary, and could end up with less as a result. On the flip side, if you’re divorced, your ex-spouse could end up with more than you intended.
When You Have Children
When children arrive, you’re taking on a whole new level of responsibility. Update your will to name a guardian for your children in case you can no longer care for them. An updated will can also help ensure they’re financially secure should something happen to you.
When You Move to a Different State
If your will was written in a different state, consult an attorney in your new location to confirm that the document is still valid. State laws vary, and you shouldn’t assume your will meets your new state’s regulations.
When Your Income Changes Significantly
If you inherit a large sum of money, you may choose to distribute your estate differently. You may also consider drafting a trust to help protect your estate from taxes, fees and mismanagement after you pass away.
On the other hand, if your financial situation takes a downturn, it can also impact how you choose to distribute your estate. In either case, talk to an attorney and an accountant for tax planning purposes.
When Tax Laws Change
State and federal tax laws are always changing, so you’ll want to be aware of how these changes could impact your estate plan. Stay up to date on any changes, and regularly consult your attorney to ensure that your will is not affected.
Helping You Keep Your Promises
If you want help protecting the things that matter most to you, talk to your local Farm Bureau agent. We can help you develop a plan that works, no matter your stage in life.