Congratulations on preparing a last will and testament. While that’s great, don’t think that you’re done. Now and then, it makes sense to update the provisions found in your will. Here are some examples of events that would call for making some changes.
Marrying Or Ending a Marriage
Your marital status has changed since you drafted the existing will. Either you have married or you have chosen to end your marriage. Perhaps you have remarried and would like for the bulk of your assets and belongings to remain in the hands of your current spouse.
Updating your will ensures two things: your current spouse can be specifically named as your heir. As the wills and trusts lawyer in Moline, IL, you can also make it plain that none of your assets are to go to the former spouse.
The Arrival Of a Child Or More Children
If you drafted your will before starting a family, an update is in order. You want to ensure that each of your children is provided for in the will’s terms and conditions. At this juncture, you may also want to look into different types of trust funds. Trusts help to ensure your children are provided for if you should pass away before they are old enough to take care of themselves.
Changes in Your Financial Worth
During your lifetime, you may experience periods of prosperity as well as times when your assets are few and far between. The terms of your will should account for your assets and belongings at any given time. Whether you have an increase or a decrease in assets, a wills and trusts lawyer in Moline, IL, can amend the will so that it reflects your current financial state.
When was the last time you read through your last will and testament? If you can’t remember, take that as a sign to read it today. Should you find that the provisions are no longer in line with your current circumstances, make an appointment with a wills and trusts lawyer in Moline, IL. It won’t take long to modify the document and ensure nothing is overlooked.
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