Your last will is a document that represents the legal embodiment of your final wishes regarding your property. Your will outlines how your assets will be distributed after you pass away, and can also serve other important functions like determining who will have legal custody of dependent children and how their funds will be managed. If you already have a will, you may think you have your bases covered, but that may not be the case. Elder law attorneys recommend reviewing your will every 4-5 years and making any necessary updates as your situation may dictate. You should also review your will after experiencing any major changes in your life. Here are some situations in which you may want to review your will:
You Have a New Family Member
Younger people often review their wills after the birth of a new child. As a senior, your children are most likely already grown, but any new addition to the family can be an occasion to update your will. If someone in your family adopts a child or gives birth, you may want to update your will to include the new family member.
Relationships Change with Your Beneficiaries
Over time, your wishes may change, especially regarding the people who will receive your assets after you pass on. If your relationship with one of your beneficiaries changes, you may want to allocate your assets differently. Or, if a new person comes into your life, you may want to update your will to include them.
Your Financial Situation Changes
No matter what your current financial situation may be, things can always change in the future. Whether you come into some money or something happens that puts you on less stable financial footing, it makes sense to review your will and allocate your assets differently depending on where you find yourself today.
You Move to a New State
If you take up residence in a different state after drafting your will, it’s a good idea to make some updates as you get settled in. The laws in your new home state may be different than the ones in the state in which you drafted your will. Updating your will can ensure your heirs won’t run into any unforeseen issues after you pass away.
Tax Laws Change
The rules and regulations regarding estates can change over time, and when they do, it’s best to update your will accordingly. If you want to help your beneficiaries avoid unnecessary taxation, speaking to an elder law attorney will allow you to formulate a sound strategy.
Estate Planning Attorneys in Delaware County, PA
If you are interested in writing a will or reviewing your existing will, the estate lawyer in Delaware County, PA at Slutsky Elder Law can help you. Robert Slutsky has almost three decades of experience in the elder law specialty, and he is ready to put his expertise to work for you. Call (610) 940-0650 or fill out the online form on our contact page to find out more about our estate planning services or to schedule your consultation with Elder Care Attorney Rob Slutsky today.