We’re all aware that having a Last Will and Testament is a good idea – after all, it protects assets from taxation and ensures our dependents are properly cared for. But when should your existing Will be revised?
Update Your Last Will and Testament When These Major Life Changes Happen
There are certain life events that have a significant impact on your financial wellbeing or responsibilities, and the changes they bring mean it’s time to update or re-write your Will. Here are a few:
- Getting married.
- Getting divorced – ex-spouses are entitled to any inheritance named in your most recent, legal Will.
- Developing health complications – you or your spouse or your child.
- Caring for a special needs child.
- Having children, blending your family or having grandchildren – including providing financial care for a child, inheritance, and naming legal guardians.
- Moving into another state or country, as you’ll have to comply with different estate and probate laws.
- Receiving an inheritance.
- Getting involved with charitable organizations.
- Significant changes in law (especially regarding estate taxation, etc.).
Other Legal Documents to Update Simultaneously
To ensure that your estate is fully in line with your new Will, your Living Will should also be created or updated. This is a legal document that outlines your desires regarding future medical treatment and care in the event that you are unable to express informed consent, including an advanced directive to ensure that your wishes regarding advanced life-saving care are respected.
Similarly, you should take this opportunity to also create or update your durable Power of Attorney. This is another essential tool that ensures that certain decisions, including financial decisions, are made in line with your wishes in the event that you are incapacitated
Speak to Your Estate Planning Attorney in New Jersey today
Frank R. Campisano is an experienced estate planning attorney with a long history of service and loyalty to his New Jersey clients. In addition to assisting you with creating, storing or updating your Last Will and Testament, he can assist you with developing trusts, healthcare proxies, Power of Attorney documentation and much more.
For a free consultation, please contact us today and speak to Frank R. Campisano or visit our website at http://www.scclegal.com/