When To Think About Updating Your Will

At Grand Strand Law Group, we advise every adult to have a Will regardless of their life circumstances. Young or old, sick or healthy — having a legal plan in place for when the end comes is important, if not for your peace of mind, but for the peace of mind of those left behind.

 

The passing of a loved one is an emotionally trying time for all involved. If strings are left untied, conflicts regarding the deceased’s final wishes can exacerbate this.

 

Equally important to having a Will, is keeping that Will updated as you move forward through life. To avoid possible conflicts for family members and beneficiaries after you pass, it’s always a good idea to inspect your Will regularly to ensure that all of the information contained in the document is accurate and pertinent to your current circumstances.

 

Significant Life Events That May Affect Your Will

 

Significant life changes may require a revision to your Will. Therefore, it’s always prudent to speak with a lawyer specialized in estate planning in Myrtle Beach SC to make certain your Will is exhaustive and relevant. Not only can an experienced estate lawyer forecast any potential problems, but they can help safeguard your personal interests as well.

 

You may want to amend your Will after any of the following major life events occur:

 

  • Marriage (you or one of your present beneficiaries)
  • Divorce (you or one of your present beneficiaries)
  • Childbirth (child or grandchild enters the family)
  • Death of a beneficiary
  • Conflict (legal or otherwise, between family members or other beneficiaries)
  • Fatal Medical Diagnosis (if you or a beneficiary is diagnosed with a fatal illness/disease)

 

This is not an all-inclusive list; but rather, a list of common life events that are likely to have an immediate and meaningful affect on a person’s standing Will. However, another reason why a person may want to make adjustments to their Will is for financial reasons. Perhaps you’ve experienced an individual financial event or predict a notable financial shift in the foreseeable future that may influence how your assets will be circulated. For example:

 

  • A weighty increase OR decrease in income
  • Acquiring unexpected resources that significantly change the total value of your estate
  • A notable loss in the estate (property, land, investments, etc.)
  • Changes in tax codes that have a notable effect on future plans regarding your estate
  • Purchase or sale of your primary home or other real estate properties
  • Relocating to another state where the laws and tax codes may differ
  • Modifying medical care needs or inclinations

 

Death is inevitable, yet it is equally unpredictable. It’s a particular aspect of life that as humans, we have but little control over. Being as prepared as one can be for such a time is all they can do to ease the pain that comes along with letting go.

 

“The time to repair the roof is when the sun is shining.” — John F. Kennedy

 

If you have a Will and have experienced any of the life events mentioned above, or perhaps another event that you feel may affect the substance of your Will, it is better to acknowledge and address those topics now to prevent conflict later. Estate planning can be overwhelming; it is always best to get in touch with a lawyer who is best able to provide you with expert advice on such a complicated matter as this.   

 

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