There are risks to putting off critical updates to your legal documents, especially when it comes to estate planning concerns. If you were to pass away with a will that is woefully out of date, your loved ones are left behind to sort out your affairs. Is it time to update your will? If it’s been a while, it’s a good idea to check in with an estate planning expert. But in the meantime, here are a few tips from a Brentwood will attorney.
Read on for 4 signs that it’s time to update your will. Some of them might just surprise you.
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1)Your Beneficiary Has a Gambling or Substance Abuse Problem
If your beneficiary has developed an addiction like gambling or a substance abuse problem, you might want to make some changes to your estate planning documents. One option would be to talk with your Brentwood will attorney about establishing a trust that has some oversight, rather than leaving cash for your beneficiary.
2) You Had a Child
Having a new child changes everything. Regardless of whether or not this is your first child, your will needs to be revised as soon as possible. One reason for this is that your will allows you to name someone to care for your child in case anything ever happened to you. If you choose to create a trust for your child, you can also decide who will oversee administration of property in that trust. Be sure to update your will before your child is born, as it’s more challenging to find the time once they arrive.
3) You’re Getting a Divorce
If you’re thinking about getting a divorce or your marriage has already come to an end, your former spouse no longer has marital rights to your estate. That is, unless it was included in the divorce agreement. This is an important time to review your estate planning documents and make sure they’re all current, especially if you’re going back to your family name.
4) Your Executor Passed Away
Your will needs to be updated if you named an executor to manage your estate but they’ve since passed away. Although, if your current will also has a contingency plan this might not be the case. Check to make sure.
Schedule an Appointment with a Tracy Will Lawyer
For your peace of mind, don’t put off creating or updating your will. When you’re ready to talk to an estate planning attorney, contact Lewman Law by calling (925) 447-1250. John Lewman is a leading estate planning attorney in the Tri-Valley area. He’s known for his knowledge, skill and dedication, as well as his reassuring and compassionate demeanor. Do you have questions? Lewman Law is here to help.