When to Change Your Will

There are a number of circumstances that may arise in your life that would lead you to want to change your will. Changing your will is likely to be prudent if you have experienced a major life chance of a change in your financial circumstances. Sometimes in the midst of these important events in our lives, altering our will is the last thing on our minds. However, it should be one of the first things to consider when you experience such an event.

Here are some common and uncommon life situations that should prompt you to consider revising your will:

• Getting Married. This is perhaps the primary event that changes your financial situation to such a degree that revising your will is a necessity. It can be done prior to a marriage, before such issues become more volatile. In most states, your spouse will receive one half of your property after you die. If you wish to dispose of your property in some other way, this needs to be outlined in your will.
• A new, unmarried partner. If you do not outline benefits in a will, your partner, no matter how committed or loving or what your intentions are, will receive nothing from your estate. In order to provide for a partner in the way you intend, be sure to change your will or make a new will to include the new partner.
• A divorce. In most states, any provisions in your will leaving assets to your spouse is nullified by a divorce or an annulment. However, this isn’t true in every state, so if you are divorced you should alter your will to change any provisions for your former spouse. You may want to change to gifts to any of your spouse’s children, as well.
• New Babies. Although most states divide assets between surviving children, you may want to alter your will to specifically address the benefits to your new child.
• New stepchildren. For any stepchildren that are not legally adopted, you will need to make specific provision for them in a will. This will require a new or altered will.
• Purchasing or selling large assets. If you buy or sell a home, businesses or stock interest in a company, you should alter you will in order to properly divide the assets from this sale so that they benefit the people you are hoping to help. You’ll need to specifically define your wishes in this case.
• Moving to or from a community property state. The laws for the disposition of property vary significantly from state to state. If you move from a state with one type of law to a state with the opposite type, you should seek legal counsel and probably redo or at least alter you will to account for that change.

Keeping your will up to date is one of the most important things you can do for your family and their future.

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