When should I update my will?

One of the most important legal documents an individual may draft in his or her lifetime is a will. A will simply outlines how an individual wants to distribute his or her estate after they pass. The individual gets to carefully choose beneficiaries to inherit assets, as well as specifically name who doesn’t receive assets. It is never too early for an adult to create a will because they can be modified at any time to match the changing circumstances in an individual’s life.

That being said, it is important to keep one’s will updated depending on the changes that do occur. If an individual creates a will while they are single with no children, each major life event will likely result in a will modification. So, when the individual gets married, they may want to add their spouse to the will. With each child that the individual has, they might want to include them as a beneficiary or even appoint a guardian for them. If the individual obtains a significant asset, they may want to make sure a specific beneficiary inherits it.

That being said, life is often messy and relationships change. So, if a child grows up and has no relationship with their parent, the parent may not necessarily want to include them in their will. If the individual gets divorced, they may want to remove their former spouse from their will. The good thing about a will is that there is no limit on modifications and they are customizable to one’s wishes. If you have questions about modifying a will, contact our firm today.  

The planning and administration of an estate requires experienced legal guidance. If you need an effective attorney to assist you with matters of wills, trusts, and estates, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.