The Importance of Updating Your Will After Major Life Changes
When a significant life event occurs—whether it's marriage, the birth of a child, a divorce, or the loss of a loved one—it's natural to feel overwhelmed. Amid these changes, many individuals overlook one critical aspect of their future: their will.
Updating your will after major life changes is a crucial part of your estate planning. It's about making sure your wishes are honored, your loved ones are taken care of, and your legacy is protected. As your life evolves, so should your will.
At Boswell Law Offices, PLLC in Auburn, Washington, we understand the importance of these updates and are committed to helping clients in Tacoma and Kent, Washington, as well as throughout Southern King County and Pierce County with their estate planning needs.
Let’s discuss why it's essential to keep your will up-to-date and how a trusted estate planning attorney can help guide you through the process. If you’ve recently experienced any significant life changes, it's time to review your will to verify it reflects your current wishes and circumstances. Call us today for personalized assistance with your estate planning.
Significant Life Changes and Their Impact on Your Will
Your will should reflect the life you’re living at any given moment. Major life events are inevitable, and each one can significantly alter your circumstances, priorities, and wishes for the future.
Without updating your will after such events, you risk leaving critical decisions up to the state or, worse, leaving loved ones unprotected. Here are just a few key life events that necessitate a review and update of your will:
Marriage
When you get married, you may want to make sure that your spouse is included in your will. This might involve adding them as a beneficiary or adjusting the division of assets. If you’re blending families, you may also need to consider children from previous marriages and their inheritance.
Divorce
Divorce can be one of the most important reasons to update your will. If you don’t remove your ex-spouse as a beneficiary or change other provisions, the court could interpret your will in a way you never intended. Updating your will assures that your assets go to the right people after a divorce.
Birth of a Child
Welcoming a new child into your life is another momentous occasion that should prompt you to update your will. You may want to name your child as a beneficiary, appoint guardianship if something happens to you, or consider special provisions for their future.
Death of a Loved One
If someone named in your will passes away, their share of the estate may need to be redistributed. A death in the family can shift your priorities and necessitate a reevaluation of how assets are divided.
Changes in Financial Situation
Whether you come into a significant inheritance, sell property, or experience a financial downturn, it's important to reflect those changes in your will. Your estate plan should match your financial reality to make sure your wishes are carried out.
The Risks of Not Updating Your Will
When your life circumstances change, the consequences of neglecting to update your will can be far-reaching. Here's why it's so important to revisit your will with the help of an estate planning attorney after any major event.
Confusion Among Loved Ones
If your will doesn’t reflect your current wishes, it can lead to confusion and conflict among your family members. They might have different interpretations of what you intended or believe that certain assets should go to specific people. Without clear instructions, disagreements can arise during an already difficult time.
Unintended Beneficiaries
If you don’t update your will after a divorce or remarriage, your ex-spouse could still inherit assets or make decisions about your healthcare. If you’ve had children with a new partner, they might be left without the protections you wish to provide them.
Legal Complications
In cases where you pass away without a current will or with an outdated one, the courts may step in and decide how your estate will be distributed. This process can be long, costly, and not in line with your actual wishes. The state’s default rules may not align with your desires.
Missed Opportunities for Estate Tax Savings
By updating your will, you can take advantage of various tax strategies, such as creating trusts or making charitable donations, that may minimize estate taxes. These opportunities should be reflected in your will to make sure your estate is distributed efficiently.
Key Reasons to Update Your Will After Major Life Changes
There are numerous reasons why updating your will with the help of an experienced estate planning attorney is essential after major life events. Let's explore some of the most important ones in detail.
Change of Beneficiaries
When life changes, your list of beneficiaries may need to change as well. Perhaps you’ve had a new child or formed new relationships that you want to acknowledge in your will. On the other hand, if you’ve lost contact with someone or have become estranged from a relative, you may decide to remove them as a beneficiary.
Adjusting to Changes in Assets
Whether you’ve acquired a new property, sold assets, or experienced a significant change in your financial status, your will should reflect those changes. Here are a few examples of asset changes that may require an update to your will:
Acquiring real estate, such as buying a home or vacation property
Selling or transferring property to someone else
Significant changes in your retirement accounts or investments
Changes in your business holdings or ownership shares
Receiving or giving large gifts
An up-to-date will can help make sure that your assets are distributed according to your current wishes.
Naming Guardians for Minor Children
If you have young children and your will doesn’t name a guardian for them in the event of your death, the courts will have to decide who will care for them. By naming a guardian in your will, you have legal support that your children will be cared for by someone you trust. It’s important to revisit this decision after any significant changes in your life.
Change in Relationships
Relationships evolve, and you may find that you want to include new people in your estate plan or remove others. Perhaps you’ve made a new friend who has become like family, or you’re no longer in contact with someone you had previously included.
Updating Trust Provisions
If you’ve established a trust, you’ll want to review it periodically. Life changes may warrant modifications to the trust’s provisions, especially if they affect your beneficiaries or your financial circumstances.
Minimizing Taxes
Estate taxes can take a considerable portion of your assets, but with the proper planning, you can minimize this impact. Updating your will and exploring trusts with an estate planning attorney can help you reduce the tax burden on your estate.
Contact a Skilled Estate Planning Attorney Today About Your Will
In life, things change. The birth of a child, the loss of a loved one, a marriage, or even a change in your financial circumstances can all have a significant impact on your estate plan. It’s important to regularly review and update your will to reflect these changes so your loved ones are taken care of.
At Boswell Law Offices, PLLC in Auburn, Washington, we understand that life can be unpredictable, and we’re here to help you stay on top of your estate planning. Reach out to us for the support you need to make sure your will accurately reflects your wishes and is legally sound.
If you need an estate planning attorney, we’re ready to assist clients in Tacoma and Kent, Washington, as well as Southern King County and Pierce County, offering the compassionate and professional guidance you seek. Contact us today to begin updating your will and securing your legacy.