Is It Time to Update Your Will?

Posted in: by Victor Kademenos

A will is an important legal document that everyone should draft. It can protect your spouse, children, and assets after you pass away. Unfortunately, many people draft a will and completely forget about it. There are a variety of life events that may occur and require you to make changes to your will.

If you experience any of the life events listed below, it may be time for you to update your will. For legal assistance with drafting or updating your will, don’t hesitate to contact an experienced Ohio will attorney at Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA. Call W. Zack Dolyk at (419) 625-7770 or reach out through our online form to schedule a free, initial consultation.

Life Events That Require a Will Update

The most common life events that require a will update include:

A Change in Marital Status

Have you recently got married, remarried, or divorced? If so, there’s likely a change in what you wish to do with your assets upon death. If you’ve recently wed, you will want to outline your spouse’s share of things in the event you pass away.

Since stepchildren do not have inheritance rights, if you got remarried and would like them to receive a portion of your estate, you will need to change your will. You’ll also need to make sure your new spouse is accounted for in your will.

Although divorce removes your spouse as your beneficiary, there are other issues you may need to address in your will if you’ve gone through a divorce. You may want to change your executor to someone other than your ex-spouse or appoint someone else to be the guardian of your children.

The Birth of a Child

If you’ve just had a baby, changing your will may be low on your to-do list. However, doing so right away is important. It will give you the peace of mind of knowing you have a plan in place for your child in case you pass away. Whether you name a guardian for your child or state that you want your son or daughter to inherit a certain percentage of your estate, updating your will after a birth should be a priority.

Changes in Assets

Have you started a business or sold one of your largest assets? If so, it is crucial to take another look at your will if your estate has significantly increased or decreased in value. You may now have new insurance or pension plans, which need to be outlined in your will and named to beneficiaries.

A Move

State laws regarding wills differ. Therefore, if you’ve moved to another state, don’t assume your will adheres to the requirements of your new state. It’s wise to consult a will attorney in your new state to find out if your document is still valid.

Tax Law Changes

State and federal tax laws change on a regular basis. Since such regulations can impact your will, be sure to stay current on tax laws. You can reach out to an attorney if you’re unsure of how a tax law change impacts your will.

The Death of a Spouse or Child

Although updating your will after losing a spouse or child is likely the last thing on your mind, it is essential. You’ll need to update your will to provide for different beneficiaries or for a different percentage of the estate to surviving heirs.

Contact a Will Attorney for Help Today

If you have undergone any of these life events and need to update your will, we encourage you to consult a highly skilled Ohio will lawyer at Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA today. You can count on W. Zack Dolyk to make recommendations on how to update your will appropriately and explain how a life change can impact your current will. Contact us at (419) 625-7770 today to schedule a free consultation.